The Board of Directors of Sindh Bank met on March 1, 2016 to review and approve the annual audited accounts for the year ended December 31, 2015. During the year the bank earned a profit before tax of Rs 2,051 million registering an increase of 27.3 percent as compared to Rs 1.612 million of last year. Profit after tax and earnings per share were reported at Rs 1,230 million and Rs 1.23 respectively.
The bank maintained an overall growth in deposits, advances and accounts opened as Deposits increased by 36 percent and stood at Rs 84.076 billion as compared to Rs 61.884 billion as on December 31, 2014, Gross Advances rose by 13.4 percent to Rs 46.708 billion as against Rs 41.201 billion as on December 31, 2014, and number of accounts stood at 358,084 registering an increase of 115 percent over 2014.
The network expanded to 250 on-line branches spread over 125 cities/towns across Pakistan. This included 13 dedicated Islamic Banking branches (IBBs) and two Islamic Banking windows (IBWs), providing a wide range of market based Shariah Compliant products and services. Another 50 branches including 7 dedicated IBBs and 13 IBWs are planned to be opened during 2016.
The bank's ATM network is also expanding at a fast pace, as 87 new machines were added during 2015, bringing the total to 192 ATMs. Plans are in the pipeline to add 73 more machines to the network during 2016.
The Bank signed an agreement with VISA Int'l for the issuance of Debit Cards. The Bank also entered into an arrangement with MoneyGram Int'l, world's second largest money remittance Company, for making payments of home remittances.
The Bank's rating stands unchanged as Long -Term Rating stands at AA (Double A) with a Stable Outlook while the Short -Term Rating stands at A-1+ (A One Plus).-PR
Comments
Comments are closed.