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Tuesday April 16, 2024

Sindh Bank swings to profit in 2023

By News Desk
March 01, 2024
The Sindh Bank Ltd logo. — Sindh Bank
The Sindh Bank Ltd logo. — Sindh Bank 

KARACHI: Sindh Bank Ltd reported a pre-tax profit of Rs657 million for the year ended Dec. 31, 2023, reversing a loss of Rs2.27 billion a year earlier, as it grew its deposits, trade business and non-performing loan recovery.

"Profit after tax amounted to Rs2.16 billion compared to post tax loss of Rs1.38 billion last year, with earnings per share reported at Re0.72 compared to loss per share of Re0.54 in last year same period," the bank said in a statement.

"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 deposits surged to a record level of Rs223 billion, total assets crossing a level of Rs300 billion. The bank’s Capital Adequacy Ratio (CAR) has been recorded at 16.21 percent 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," the statement added. Trade business volume increased to Rs125 billion compared to the Rs40 billion in the last year, while the number of accounts reached a notable increase of 42.23 percent 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.