Sindh Bank posts pre-tax Profit of Rs628mn

KARACHI: Sindh Bank Limited posted an operating profit of Rs. 628.32 million and an after-tax profit of Rs408.57 million during the period from 29th October 2010 to 30th June 2011.

A spokesman of the Bank said here on Tuesday that this included pre-tax profit of Rs245.852 million and an after-tax profit of Rs156.657 million earned during the quarter ended 30th June 2011 with a network of 10 branches in operation.

He said that the Bank plans to enhance its branch network to 50 by the end of the current calendar year.

The profits earned during the period under report translated into an overall EPS of Rs0.41 and Rs0.16 respectively reflecting not only the continuing growth momentum but also clearly indicating robust management strategies in spite of the continuing economic sluggishness.

The spokesman pointed out that the Bank achieved 113% increase in the deposit base while its net revenue for the period under report stood at Rs770.12 million indicating that the momentum achieved in the first quarter has been maintained.

`Despite a constricted economic environment, Sindh Bank managed to increase its Balance Sheet size by 34.65 per cent to Rs37.429 billion in the last quarter. In a matter of less than 3 months, the Bank's corporate banking portfolio touched the Rs3 billion mark across quality profile clients indicating rapid development of the corporate banking portfolio during the period under report', he added.

Copyright APP (Associated Press of Pakistan), 2011