Wholly owned by the government of Sindh, Sindh Bank had originally planned to sell between 10% and 20% of its shares to the general public through the stock exchange before April.
KARACHI: The board of directors of Sindh Bank Limited, in its meeting held on Thursday, approved the bank's audited financial statements for the year ended December 2016.
During the year, the bank's deposits increased 41.6% to Rs119 billion whereas gross advances rose 19.9% to Rs56 billion. Customer accounts grew 16.9% and reached 418,454 during the period.
The bank earned a pre-tax profit of Rs2.42 billion, up 18.3% and posted after-tax profit of Rs1.39 billion, up 13%.
Sindh Bank's branch network in 2016 expanded to 260 online branches in 130 cities and towns all over the country - the only bank to achieve the mark in a span of less than six years.
Of these, 14 branches provide dedicated Islamic banking services and 13 are Islamic banking windows that provide a wide range of market-based Shariah-compliant products and services.
In order to expand its network and outreach, the bank has planned to open 40 new branches in the current calendar year.
Sindh Bank launched PayPak Debit Card in Classic/Gold categories and Visa Debit Chip Card in Classic, Gold and Platinum categories, targeting varying customer segments. ATM network of the bank stood at 225 in 2016.
Published in The Express Tribune, March 4th, 2017.
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