SIBL achieves significant growth

Social Islami Bank Limited (SIBL) achieved significant growth in all areas of business in the just concluded calendar year 2011. "Our operating profit jumped to Tk 3.06 billion in the year ended December 31, 2011 against Tk 1.63 billion of the corresponding period of the previous year," one official of SIBL told the FE Monday. The bank's deposit, investment, import, export and remittance rose to Tk 67.13 billion, Tk 53.90 billion, Tk 68.20 billion, Tk 34.97 billion and Tk 5.13 billion respectively in the same period against Tk 44.85 billion, Tk 36.68 billion, Tk 39.46 billion, Tk 21.37 billion and Tk 2.11 billion of 2010. The SIBL source said that adoption of various IT-enabled services helped the bank achieve the success. The focused areas of SIBL are SME, agro-finance, remittance and alternative delivery channel. A second generation bank, SIBL has now 76 branches with two subsidiary companies- SIBL Securities Ltd and SIBL Investment Ltd. The bank recently launched a new product on school banking titled 'Young Star Account'. The bank earlier launched products titled Sonali Din, Shomridhir Shopan, Shachondo Protidin, Swapner Shiri, Shukher Thikana, Sabuj Chhaya, Shabuj Shayanho, Subarnalata, Subarnarekha, Shanchita and Zameel ATM Debit Card. In testimony to the bank's growing progress, CRISL rated it A+ in long term and ST-2 in short term. — FE Report