Sindh Bank posts Rs.886.32mn profit

Sindh BankKARACHI: Sindh Bank Limited (SBL) has posted a profit after tax of Rs 183.67 million in third quarter ending September 30, 2011, up by 17% as against Rs 156.65 million recorded in the last quarter despite sluggish economic conditions.

In its meeting held recently in Lahore under the chairmanship of Sindh Chief Secretary, Raja Muhammad Abbas, the board of directors ofnoted that pre-tax profit stood at Rs 886.32 million and net profit of Rs. 592.24 million translating into an overall earning per share of Rs 0.59 and Rs 0.18 for the quarter.

According to an announcement here on Monday, the President and CEO of the Bank, Muhammad Bilal Shaikh told the board that 30 branches had been added to bank’s network since the last quarter and now it has a countrywide presence in Lahore, AJK, Islamabad, Rawalpindi, Peshawar and Quetta with 40 branches.

“The Bank is on track to achieve its target of 50 branches before the end of October this year”, he added.Giving details of the Bank’s financial, he said that since its incorporation in Pakistan on October 29, 2010 as a public limited company under the Companies Ordinance 1984, the Bank has managed to increase its balance sheet size by 16% from Rs 37 billion to Rs 43 billion as of September 30, 2011 while its total revenue for the period under report stood at Rs 1.162 billion representing an increase of 33% over the previous quarter.

On the corporate banking side also, SBL has continued to flourish with the portfolio now above Rs 4 billion mark, showing an increase of more than 23% over the same period last year. – Brecorder