Sindh Bank records profit before tax of Rs 657 million

KARACHI  -  The Board of Directors of Sindh Bank convened the other day to assess and approve the annual audited accounts for the period ending December 31, 2023.In the financial year, the bank recorded a profit be­fore tax of Rs 657 million, with a consistent growth trajectory throughout the year. This was backed by record quarterly profits, contrasting with a loss before tax of Rs2,269 million reported same period last year in 2022.

Profit after tax amounted to Rs 2.16 billion compared to post tax loss of Rs.1.38 billion last year, with earnings per share reported at Re 0.72 com­pared to loss per share of Re (0.54) in last year same period.

Sindh Bank witnessed sub­stantial growth in deposits, trade business and new ac­counts opened during the year. Following a consistent busi­ness and revamping trajec­tory, the bank has made a sig­nificant come back in almost all the areas of the business as well as enabling operations. The bank has successfully ac­complished its restructuring and rescheduling settlements through management of its non-performing portfolio. The deposits surged to a record level of Rs 223 billion, total as­sets crossing a level of Rs 300 billion. The bank’s capital ad­equacy ratio (CAR) has been recorded at 16.21% by De­cember 31, 2023. Risk rating has also improved as well. The bank is destined to cater the SME segment across the coun­try and has introduced newer products like Solar Power Fi­nancing.

Trade business volume in­creased to Rs 125 billion com­pared to the 40 billion in last year, while the number of ac­counts reached a notable in­crease of 42.23% over the pre­vious year.

The bank’s branch network spans 330 on-line branches spread across 169 cities/towns across Pakistan which includes 14 dedicated Islamic Banking branches offering a di­verse range of market - based Shariah compliant products and services.

Sindh Bank remains commit­ted to supporting multi-sec­toral ventures in health, edu­cation and community welfare fostering financial inclusion, gender diversity, healthcare and educational initiatives.

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