Karachi: Board of Directors of Sindh Bank after reviewing approved half yearly audited accounts for June 30, 2023. Bank registered an impressive growth in key financial indicators. During half year, Bank earned profit before tax (PBT) of Rs 572 million registering an increase of 171 percent as compared to loss before tax of Rs 801 million in June 2022.

Bank maintained an overall growth in deposits and accounts opened as deposits increased by 10.4 percent and stood at Rs 246.2 billion as compared to Rs 223 billion on December 31, 2022. Gross Advances stood at Rs 68.756 billion. Number of accounts stood at 637,475 registering an increase of 11.1 percent. Capital Adequacy Ratio stood at 13.33 percent as against minimum requirement of 11.50 percent.

Sindh Bank has 330 on- line branches spread over 169 cities/towns across Pakistan. This includes 14 dedicated Islamic Banking branches and Islamic Banking windows providing wide range of market based Shariah Compliant products and services. ATM network is also expanding at fast pace, bringing total to 293 ATMs. 

Bank’s President, CEO expressed his gratitude to Bank’s loyal customers, dedicated employees and stakeholders for their unwavering support.

VIS Credit Rating Company Limited reaffirmed Bank’s Long-Term Entity Rating of A+ (Single A Plus) and Short-Term Entity Rating of A-1 (A-One) in its report June 27, 2023.

Published in The Daily National Courier, September, 06 2023

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