The Board of Directors of Sindh Bank Limited in their meeting held on 18th March 2012 approved first annual accounts of the bank for the 2011. According to the report, the Sindh Bank Limited has posted Rs 1,140 million profit before tax and Rs 750 million after tax profit during the above-said period with a network of 50 branches at the end of its first year of operations.
The profit earned during the year translated into an overall Earning Per Share of Re 0.75 which reflects a steady growth since inception and robust management strategies in spite of continuing economic sluggishness.
The bank achieved a deposit base of Rs 23.518 billion while its net revenue for the period stood at Rs 1.685 billion, indicating that the momentum in growth has been maintained.
Despite a constricted economic environment, Sindh Bank managed to achieve a balance sheet size of Rs 47.730 billion. During the period bank's banking portfolio touched the Rs 7.26 billion mark across quality profile clients indicating rapid development of the corporate banking portfolio during the period under review. The bank plans to increase its network by opening 100 more branches and 10 sub-branches during the year 2012.-PR
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