Sindh Bank profit up by Rs2.4b

Staff Reporter

Karachi

The Board of Directors of Sindh Bank in their meeting held on Thursday, reviewed and approved the Audited Financial statements of the Bank for the year ended December 31, 2016.
During 2016, as per the trend in past years, the Bank registered impressive growth in deposits, advances, customer accounts and profitability. Deposits increased by 41.6 % and stood at Rs 119.0 Billion as compared to Rs 84.1 Billion as on December 31, 2015. Gross Advances rose by 19.9% to Rs 56.0 Billion as against Rs 46.7 Billion as on December 31, 2015 and number of customer accounts stood at 418,454 registering an increase of 16.9 % over 2015. The Bank’s pre-tax profit for the year 2016 amounted to Rs 2,427.9 Million, increasing by 18.3% over Rs. 2,051.5 Million earned last year while Profit after Tax amounted to Rs 1,390.8 Million (2015-Rs.1,230.3 Million).
Sindh Bank’s branch network in 2016 expanded to 260 on-line branches in 130 cities/towns all over Pakistan becoming the only bank to achieve this figure in a short period of less than 6 years. This includes 14 branches dedicated to providing Islamic Banking services and 13 Islamic Banking windows, providing a wide range of market based Shariah Complaint products and services. Another 40 branches are planned to be opened during 2017 to enable the Bank to expand its network/reach.
The Bank launched its PayPak Debit Card in Classic / Gold and VISA Debit Chip Card in the Classic, Gold and Platinum categories aimed for different customer segments loaded with exclusive features and benefits.