lahore: The Board of Directors of Soneri Bank Limited met in Lahore under the Chairmanship of Alauddin Feerasta, on February 15 to review the performance of the bank and approved the financial statements for the year ended 31 December 2016. The chairman, while addressing the meeting, highlighted that 2016 was the year where the bank completed its 25 years of operation and is standing tall and on course to meet its strategic objectives. For 2016, the bank has posted profit before tax of Rs 3,077.34 million and profit after tax of Rs 1,878.84 million (Rs 1.878 billion) for the year ended 31 December 2016. This translates into earnings per share of Rs 1,7042 (31 December 2015: Rs.2.0071). The reduction in earnings is mainly a factor of the banking industry’s predicament due to lower interest rates as compared to 2015. This pressure was offset by lower provision due to higher recovery of non-performing loans. The Board of Directors has also announced a cash dividend for the year ended 31 December 2016 @ 12.5% i.e. Rs 1.25 per share.