KARACHI – NIB Bank announced financial results for the half year ended 30 June 2012 (H1 2012). These results indicate improving performance at operating level through growth in revenues and disciplined cost management. Importantly, there has been a significant reduction of Rs 3.7 billion in pre-tax losses when compared with the same period a year ago, says a press relese.
During H1 2012, there has been an increased focus on low cost deposit generation and transactional banking solutions for its growing customer base in 59 cities and towns through 179 branches. Consequently, current and low cost savings deposits have grown consistently month on month leading to an increase of Rs. 7.5 billion in the first half of this year.
At the same time the Bank was also able to shed Rs. 7.3 billion of high cost deposits during this period.