Karachi September 14, 2021: Bank AL-Habib get In-Principle approval of State Bank of Pakistan (SBP's) for closure of Seychelles Branch Operations, as per information shared by the bank at Pakistan Stock Exchange.
Bank has also received approval from Central Bank of Seychelles (CBS) for the voluntary winding up of the aforementioned branch operations.
This decision is in line with the Bank's strategy, and it will not have any material impact on the overall operating and financial position of the Bank.
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The Bank now has a network of 939 offices, comprising 903 branches, 32 sub-branches, and 4 Representative Offices. Bank branch network includes 128 Islamic Banking Branches and 3 Overseas Branches. Continuing with our branch expansion policy, the Bank intends to open more branches during the year 2021.
During the first six months of current year, the performance of the Bank continued to be satisfactory. The deposits increased to Rs.1,224 billion as compared to Rs. 1,099.7 billion on December 31, 2020. In the same period, advances increased to Rs. 603.3 billion from Rs. 510.3 billion, while investments increased to Rs. 983.7 billion from Rs. 764.9 billion. The pre-tax profit of the Bank for the half year ended June 30, 2021 was Rs.14.34 billion as compared to Rs. 12.10 billion during the corresponding period last year. The profit after tax for the half year ended June 30, 2021 was Rs. 9.04 billion compared with Rs. 7.23 billion during 2020.