Soneri Bank CEO Gets Rs 8.7 Million Yearly Salary Raise

Mohammad Aftab Manzoor, CEO and President of CEO Soneri Bank has been granted a Rs 8.7 million annual raise in his basic salary.

As per the terms of his revised contract, he will be paid monthly gross emoluments of Rs. 4 million which totals Rs 48 million excluding bonus and benefits, according to the official disclosure to the shareholders at Pakistan Stock Exchange (PSX) after the recent meeting of bank’s board of directors.

In 2016, he drew Rs. 3.27 million per month on the account of his salary which summed up his total salary at Rs 39.27 million of the whole year.

Due to renewal of the employment contract, he got a raise of 22 percent in 2017 whereas he received a mere 5.7 percent raise in his overall salary of 2015 which stood at Rs 37.151 million, according to the official numbers.

Perks and Benefits

He is also entitled to two fully maintained cars, membership fee of clubs, utilities,  medical expenses, insurance coverage, provident fund, and gratuity fund (as per terms of his contract).

He will be paid bonuses, increments and other entitlements as may be granted from time to time by the Board of Directors of the Bank and/or in accordance with the Service Rules and Policies of the Bank for the time being in force or amended from time to time.

(Rupees in Millions)

Heads 2015 2016
Charges for defined Benefit Plan 4.968 4.732
Rent/ Home Maintenance 17.672 16.718
Utilities 1.144 1.417
Medical 0.752 0.275
Leave Enhancement 1.279 1.053

Source: Financial Report

In 2015, his earning stood at Rs 64.44 million on the account of salary and benefits besides Rs 16 million bonus. (Total Rs 80.4 million).

In 2016, the top banker earned Rs 68.35 million on the account of salary and benefits besides Rs 18 million bonus. (Total Rs 86.35 million).

Now in 2017, he already has been awarded a raise of Rs 8.7 million. He will get upward revision in the amount of benefits and bonus too and that is going to take his overall take-home for 2017 to nearly Rs 100 million.

Experience at a Glance

Mohammad Aftab Manzoor is a career banker with 28 years of experience in banking and a proven track record of excellence in banking industry.

He has been the Chief Executive Officer and President of Soneri Bank Ltd since March 14, 2011.  He also served as the President and Chief Executive Officer of KASB Bank Limited, Allied Bank Limited and MCB Bank Ltd.

Previously, Aftab Mazoor also worked as the Executive Director at Soneri Bank Ltd, MCB Bank Ltd, and Allied Bank Limited.

He held various other positions including President and Vice President of Pakistan Banks Associations for different periods.

  • Bhai hum kia krain agar woh 10 crore bhi kamae (halal rozi Allah k fazal se) tou?

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