Business

Sindh Bank inaugurates ATM at Commissioner House

F.P. Report

KARACHI: Sindh Bank officially inaugurated its state of the art off-site ATM at the Commissioner House, Karachi, on Thursday. Present at the occasion were Sindh Bank President Mr. Tariq Ahsan and the Commissioner Karachi Division Mr. Ejaz Ahmed Khan, Sindh Bank Director Mr. Muhammad Bilal Sheikh, and members of senior management of Sindh Bank.

Speaking on the occasion Mr. Ahsan thanked Mr. Ejaz Ahmed Khan for giving Sindh Bank this opportunity of installing an ATM booth at the Commissioner House Karachi, he added that the position of Sindh Bank is tremendously strengthened by earning the trust and confidence of its customers through the product and services that it delivers. With the Bank’s country-wide network of 300 on-line branches (including 40 upcoming branches) and more than 240 ATM’s and after the merger of Summit Bank into Sindh Bank, Sindh Bank will become a bank with almost 500 on-line branches.

The bank is committed to serving our valued customers by providing them with innovative financial solutions, so they can manage their finances on the go by conducting their transactions through a variety of channels which include services such as, cash withdrawal, cash deposit, balance inquiry, mini statements, funds transfer (IBFT) bill payments etc.

Ejaz Ahmed Khan thanked Mr. Bilal Sheikh, Mr. Tariq Ahsan and the team of Sindh Bank.

He further said that this facility would go a long way in taking care and serving the small banking needs of the employees of the Commissioner House and ATM users of other offices close by.

He said he is looking forward to a mutually beneficial working relationship between the two.

Muhammad Bilal Sheikh thanked Mr. Ejaz Ahmed Khan and stated that Sindh Bank Limited was established on December 26, 2010, with a paid up capital of Rs 10 billion, wholly contributed by the Government of Sindh.

It commenced full-fledged operations in April 2011 and during the last six years the Bank has emerged as the fastest growing institution in Pakistan’s banking industry by opening 300 (including 40 upcoming branches) on-line branches in 151 cities.

Sindh Bank during the first nine months of 2017, maintained satisfactory growth in deposits, advances and profitability. Total deposits increased by 9.2 percent to Rs 130.0 billion as compared to Rs 119.0 billion on December 31, 2016. Number of customer accounts stood at 459,251 after addition of over 40,797 accounts (i.e. increase of 9.7 percent) during the period.

Gross Advances at Rs 67 billion increased by 19.7 percent over the year- end position at December 31, 2016.

Pre-tax profit of the nine months ended at September 30, 2017 amounted to Rs 1,869.8 million showing an increase of 5.22 percent over Rs 1,775.8 million earned during the same period last year. Profit after tax stood at Rs 1,058 million.

JCR-VIS Rating has assigned and maintained Sindh Bank’s long term entity rating of ‘AA’ (Double A) and short term rating of ‘A-1+’ (A One Plus).

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