Sindh Bank posts pre-tax Profit of Rs628mn

KARACHI: Sindh Bank Limited posted an operating profit of Rs. 628.32 million and an after-tax profit of Rs408.57 million during the period from 29th October 2010 to 30th June 2011.

A spokesman of the Bank said here on Tuesday that this included pre-tax profit of Rs245.852 million and an after-tax profit of Rs156.657 million earned during the quarter ended 30th June 2011 with a network of 10 branches in operation.

He said that the Bank plans to enhance its branch network to 50 by the end of the current calendar year.

The profits earned during the period under report translated into an overall EPS of Rs0.41 and Rs0.16 respectively reflecting not only the continuing growth momentum but also clearly indicating robust management strategies in spite of the continuing economic sluggishness.

The spokesman pointed out that the Bank achieved 113% increase in the deposit base while its net revenue for the period under report stood at Rs770.12 million indicating that the momentum achieved in the first quarter has been maintained.

`Despite a constricted economic environment, Sindh Bank managed to increase its Balance Sheet size by 34.65 per cent to Rs37.429 billion in the last quarter. In a matter of less than 3 months, the Bank's corporate banking portfolio touched the Rs3 billion mark across quality profile clients indicating rapid development of the corporate banking portfolio during the period under report', he added.

Copyright APP (Associated Press of Pakistan), 2011

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Posted in: Lahore Trade,Pakistan,Sindh Bank

Asia stocks up on Fed hopes; Irene spares NYC

HONG KONG: Asian stocks rose on Monday morning, after the recent sell-off while the dollar struggled after U. S. Federal Reserve Chairman Ben Bernanke left the door open for further action to stimulate the economy and fight high unemployment. Gains in equities were also supported by firmer U. S. stock futures after Hurricane Irene, downgraded to tropical storm status, spared the nations financial centre the worst.
The MSCI Asia Pacific ex-Japan index rose 1. 9 percent led by cyclicals sectors such as materials and energy. South Koreas KOSPI , the Asian market considered to be the most geared to a global economic recovery, led gains and was up 2. 8 percent. Japans Nikkei edged up 0. 5 percent on subdued volumes ahead of a leadership election in the ruling party that will decide the countrys next prime minister. Stubbornly high unemployment coupled with the possibility of more monetary stimulus in the U. S. kept the dollar under pressure in Asian trading. The dollar index a measure of its strength against a trade-weighted basket of currencies, last stood at 73. 755, having fallen from Fridays peak of 74. 464. Against the yen, the greenback traded at 76. 69 yen , recoiling from a recent high around 77. 69. In commodity markets, Brent crude fell below $111 on Monday as oil refiners and terminals along the U. S. east coast weathered the worst of a tropical storm, easing fears of fuel supply disruptions in the worlds top oil consumer. NYMEX crude for October delivery was flat. Spot gold fell 0. 3 percent to $1,821. 99 an ounce retreating slightly from an over 3 percent rally in the previous session. 

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Posted in: Asia stocks,Lahore Trade