KARACHI: the deposits of Sindh Bank have increased by 35 per cent to Rs61.884 billion against Rs45.756 billion of last year, while advances rose by 55pc to Rs 41.185 billion as compare to Rs26.565 billion on December 31, 2013.
According to the Board of Directors of Sindh Bank, number of accounts stood at 166,563 registering an increase of 34pc over 2013, while the profit before tax rose to Rs 1.611 billion, an increase of 69pc as compared to Rs 0.953 billion of last year, the profit after tax increased to Rs 1.079 billion, 62pc higher than Rs 0.666 billion of last year.
The network expanded to 225 on-line branches located over 111 cities/towns across Pakistan. This includes 5 dedicated Islamic Banking branches, providing a wide range of market based Shariah compliant products and services. Another 25 branches including 8 dedicated Islamic banking branches are planned to be opened during 2015.
Bank’s ATM network is also expanding at a fast pace as 71 new machines will be added during 2015, bringing the total to 185 by the end of the year. Acknowledging bank’s high CAR with insignificant NPL’s and the resultant profitability, JCR-VIS Credit Rating Company upgraded its medium to long term entity rating to AA (Double AA) from AA- (Double A Minus) with a Stable Outlook.
