Soneri Bank wins award for ‘Best Bank of the Year 2011’

Posted in : Local News

(added few years ago!)

Soneri Bank is proud to have been honored by the CFA Association with the ‘2011, Best Bank of the Year’ award in the medium banks’ category.

This accolade marks the Bank’s impressive and growing performance during the last year in transaction banking and the trade sector. The Bank has a remarkable trade portfolio and has become renowned for its quality service for retail customers. Plus, its deposit base of over Rs. 103 billion (as at March 31, 2012) has made it one of the fastest growing banks in the country’s medium-sized bank category.

The bank continues to expand its network with a current footprint of 214 branches across the country, and is committed to extending service to customers that’s far beyond banking.

Pakistan Credit Ranking Agency (PACRA) Limited has maintained the rating of Soneri Bank stable as AA- for long-term and A1+ for short-term.

The ratings reflect the revitalization being brought into the bank through induction of seasoned team while adding clarity to the organizational structure, focus on energizing its franchise value, and development of a bank-wide integrated information system, in turn, a strong control environment.

These initiatives are expected to hold the bank’s respective position in the peer universe that was increasingly under pressure due to deterioration in asset quality, subdued profitability, and limited system presence.

Meanwhile the management has geared up recovery efforts against existing infected portfolio. Moreover, the bank maintains good liquidity profile and adequate risk absorption capacity. The demonstrated support of the key sponsor – Feerasta Family – to enable the bank meet its capital requirement is also a key factor.

The ratings require good harmony amongst new team members and with SBL’s veterans to ensure fruitful implementation of growth strategy. Meanwhile, establishing strong internal controls in line with the growing loan book is critical. Any significant weakening in asset quality, in turn, diluting the bank’s risk absorption capacity, may negatively impact the ratings.

Blog post Written by Ahmed Rayyan and You can visit the original article at http://www.thenewstribe.com/

Tags : Soneri Bank, wins, award, Best Bank, Year 2011

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(added few years ago!) / 1884 views

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