KARACHI: The Board of Directors of Sindh Bank in a meeting held on March 2nd, 2017, reviewed and approved the Audited Financial Statements of the Bank for the year ending December 31st, 2016. During 2016, as per the trend in past years, the Bank registered an impressive growth in deposits, advances, customer accounts, and profitability. Deposits increased by 41.6 % and stood at Rs119.0 Billion compared to Rs84.1 Billion on December 31st, 2015. Gross Advances rose by 19.9% to Rs56.0 billion compared to Rs46.7 billion on December 31st, 2015 and the number of customer accounts stood at 418,454; registering an increase of 16.9 % from 2015. The Bank’s pre-tax profit for the year of 2016 amounted to Rs2,427.9 million, increasing by 18.3% compared to Rs.2,051.5 million earned last year, while Profit after Tax amounted to Rs1,390.8 Million (in 2015 it was Rs.1,230.3 million). Sindh Bank’s branch network in 2016 expanded to 260 on-line branches in 130 cities and towns all over Pakistan, becoming the only bank to achieve this figure in a short period of less than 6 years. This includes 14 branches dedicated to providing Islamic Banking services and 13 Islamic Banking windows that provide a wide range of market based Shariah Complaint products and services. Another 40 branches are planned to be opened during 2017 to enable the Bank to expand its network and reach. The Bank launched its PayPak Debit Card in Classic / Gold and VISA Debit Chip Card in the Classic, Gold, and Platinum categories aimed at different customer segments loaded with exclusive features and benefits. The ATM network of the bank stood at 225 machines in 2016. The Bank’s Long-Term Rating stands at AA (Double A) with a Stable Outlook while Short-Term Rating at A-1+ (A One Plus).