Karachi: The Sindh Bank has registered a net income of Rs 451.240 million against its operations expenses of Rs 68.767 million with its five functional branches in different cities of the provinces.
This was disclosed by Provincial Finance Minister Murad Ali Shah in his budget speech on Friday.
Established on December 26 last year, the management has planned to extend the branches’ network of bank to 50 by the end of the current calendar year.
Sindh Bank management has forecast a profit of 1.5 billion in the first year of its operations after posting a handsome profit-after-tax of Rs 382.473 million in the first quarter of 2011.
The bank has obtained all necessary licenses from the State Bank of Pakistan. The management will establish 10 additional branches by June-end and another 6 by July –end 2011.
Sindh Bank has started its business with Benazir Zarai Card scheme for small farmers. It advanced loans for tractor scheme of provincial government and initiated a loan programme for deserving students.
The bank is equipped with modern banking facilities—particularly Internet banking and web-based utility payment service for its customers.
Murad Ali Shah said that the bank will serve people with wide spectrum for retailers, business depositors and borrowers for important trade and commercial areas.
“The bank will play a pivotal role in social and economic uplift by participating in schemes for extending small loans including farmers’ loans, students’ loans and small medium enterprises loans,” he added.
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