Corporate corner: Sindh Bank’s deposits increase 18%  

KARACHI: The Board of Directors of Sindh Bank on Thursday revealed bank’s financial results for the half year ended June 30, 2016. During the period under review, the bank maintained satisfactory growth in deposits, advances and profitability. Deposits increased to Rs99.157 billion compared to Rs84.076 billion in the previous quarter registering an increase of 18%. Gross advances increased to Rs54.087 billion as against Rs46.708 billion on December 31, 2015, registering an increase of 15.8%. Total number of customer accounts stood at 385,845 as against 358,084 in the previous quarter an addition of over 27,761 accounts. Pre-tax profit for the half year ended June 30, 2016 stood at Rs1,215.172 million as against Rs1,016.752 million earned in the corresponding period of 2015, thereby recording an increase of 19.5%. Agricultural credit disbursement target of Rs3,000 million was assigned by SBP for FY 2016, against which an amount of Rs3,181 million was utilised, thus exceeding the target by 6%.

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