Sindh Bank declares pre-tax profit of Rs2182.4mn

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KARACHI: The Board of Directors of Sindh Bank in their meeting held on March 7, 2018, reviewed and approved the audited financial statements of the bank for the year ended December 31, 2017.

During 2017, as per the trend in past years, the Bank registered growth in deposits, advances. Deposits increased by 12.8 per cent and stood at Rs134.2 billion as compared to Rs119.0 billion on December 31, 2016 and gross advances rose by 23.5 per cent to Rs69.1 billion as compared to Rs56.0 billion as on December 31.

The bank’s pre-tax profit for the year 2017 amounted to Rs2,182.4 million while profit after tax amounted to Rs1,255.8 Million. The bank’s core profitability increased by a healthy 35 per cent over in 2017. Sindh Bank’s branch network in 2017 expanded to 300 on-line branches in 151 cities/towns all over Pakistan becoming the only bank to achieve this figure in a short period of less than 7 years.

This includes 14 branches dedicated to providing Islamic Banking services and 13 Islamic banking windows, providing a wide range ofmarket-basedd Shariah Complaint products and services. Another 30 branches are planned to be opened during 2018 to enable the bank to expand its network/reach. The ATM network of the bank now stands at 245.

The bank’s long-term rating stands at AA (Double A) with a stable outlook while short-term rating is A-1+ (A One Plus), the highest in the class.

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