Corporate result: Sindh Bank announces profit

Pre-tax profit stood at Rs624.2 m compared to Rs504.6 m earned in the corresponding period in 2013, up by 23.70%.

KARACHI:

Sindh Bank Limited announced that its total deposits increased 24.9% during the six-month period and clocked in at Rs56.9 billion as its board of directors approved unaudited accounts for the half year that ended on June 30, 2014.

According to a press release, the bank maintained consistent growth in key financial areas, adding that branches are fully operational and penetrating in their respective areas. The release also said that the number of accounts increased to 150,000 from 124,000 during the period under review.

Advances portfolio increased 46.9% to Rs39 billion against Rs26.6 billion as on December 2013. The bank’s investment portfolio comprises mainly of government securities including Pakistan Investment Bonds (PIBs) and Treasury Bills. Pre-tax profit for the period stood at Rs624.2 million compared to Rs504.6 million earned in the corresponding period of 2013, registering an increase of 23.70%.

Published in The Express Tribune, August 26^th, 2014.

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