Performance: Sindh Bank expands network

In the second year ended December 2012, bank recorded operating profit of Rs1.3 billion with deposits of Rs31 billion.

KARACHI: Sindh Bank, which started its operations in December 2010, has said that its performance has been excellent in terms of profitability and deposit mobilisation since its creation. In a press release, the bank says in the first year of operations ended December 31, 2011, it posted a pre-tax profit of Rs1.14 billion with a deposit base of Rs23.517 billion. In the second year ended December 2012, the bank recorded operating profit of Rs1.3 billion with deposits of Rs31 billion. Sindh Bank, which was granted a full-fledged licence for operations in April 2011, has now a network of 160 branches across 80 cities in all provinces of the country, including Azad Jammu and Kashmir. In Sindh alone, it has 100 branches. JCR-VIS Credit Rating Company has assigned the bank medium to long-term entity rating of ‘AA-’ with a stable outlook and short-term rating of ‘A1’.

Published in The Express Tribune, January 3^rd, 2013.                

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