KARACHI (PR): The Sindh Bank Board Meeting for the half year ended April-June 2013 was held at the Sindh Bank Head Office, on August 21, 2013.

The Bank maintained an overall consistent growth in deposits, advances and number of accounts opened and earned a profit after tax of Rs 351m(EPS: Rs 0.35) as compared to Rs 331m in the corresponding period last year, registering an increase of 6.3pc. Profit before tax is placed at Rs 505m.

Deposits increased by 19pc to Rs 37.4 B, Advances by 38pc to Rs 26.8b and number of accounts by 40pc over December 31, 2012 to more than 108,000. Concentration of GoS deposits showed a consistent decline and stood at 21pc as on June 30, 2013 from 30pc as on December 31, 2012. This improved the composition of the deposits in favour of the private depositors and, coupled with reduced discount rate, has brought down the cost of deposit as compared to December 31, 2012.

The Bank’s short term credit rating by JCR-VIS was upgraded to ‘A-1+’ (A One Plus) from ‘A-1’ (A One) while the medium to long term entity rating has been maintained at ‘AA-’ (Double A Minus) with a Stable Outlook.