18th Annual General Meeting of Soneri Bank

The Annual Accounts of the bank for the year ended December 31, 2009 were approved by the shareholders of the bank at the 18th A.G.M. held in Lahore on March 30, 2010. The meeting was chaired by Mr. Alauddin Feerasta.

During the year, the trade finance business handled was for Rs. 148 Billion, Advances registered a marginal growth of around 5 percent whereas deposits grew by about 20 percent. Equity stands at PKR 7.803 Billion and Total Assets PKR 95 Billion at the close of year. In order to meet the Minimum Capital Requirement (MCR) of the State Bank of Pakistan, the Board of Directors in its meeting held on 21st November, 2009 had approved to issue 20 Right Shares for every 100 shares held i.e. 20% at par of Rs 10/- each which have been fully subscribed.

Soneri Bank Limited commenced operations in 1992 with a Paid-up Capital of Rs. 300 Million and now operates with a network of 154 branches in 64 Cities of Pakistan including the Northern Areas of the country and Azad Jammu & Kashmir out of which Six are exclusively Islamic Banking Braches offering Shariah Compliant products to the customers.

The bank has made good progress in the field of automation and related technologies. After the implementation of new core Banking Software in all the branches the Bank is on the move to refine its centralized reporting architecture through the implementation of new internationally recognized reporting systems mainly focused at risk based reporting. The introduction of Internet Banking to its customers is a sign that the bank believes in serving its customers the best way with all the branches operating On-Line and telephone banking facility. ATM/Debit Card, Instant Account inquiries and SWIFT On-Line communications already providing the best suite of services. Furthermore, the bank is constantly working on developing other alternative delivery channels to meet the needs of its customers. The bank has gone into Franchise with Visa International for its own Debit Card and has plans to add more delivery channels and applications to the existing ones.

The Shareholders were informed that Pakistan Credit Rating Agency Limited (PACRA) has maintained bankís credit rating at ìAA-î for the long term and "A1+" for the short term and "A+" for the Term Finance Certificates reflecting bankís well maintained risk profile with preserved sound asset quality. Shareholders expressed satisfaction on the performance of the bank and the meeting concluded with a vote of thanks to the Chair.**