The share of cheap deposits of Sina Bank reached 58%

According to financial news, attracting low-cost deposits is one of the most important ways to reduce the cost of money in banks, so that not only the bank’s costs are reduced, but the bank’s ability to pay low-cost facilities to customers is also increased.

Reviewing the performance of Sina Bank in the first 9 months of this year indicates that this bank has managed to significantly increase the share of low-cost deposits in its deposit portfolio and thus reduce the bank’s expenses in order to pay deposit interest.

As the financial statements of this bank until the end of December show, out of a total of about 794 thousand billion Rials of deposits in this bank, more than 463 thousand billion Rials were related to Qarz Al-Hosna deposits and short-term deposits.

Of this amount, more than 258,000 billion rials were current and savings deposits of Qarz Al-Hosna, which do not receive any interest and constitute more than half of low-cost deposits.

Qarz al-Hosna resources are used to pay for Qarz al-Hosna facilities, so increasing the resources of this sector is very desirable for the applicants of Qarz al-Hosna facilities.

The Central Bank’s report on the performance of the banking system shows that from the beginning of this year to the end of December, Sina Bank has paid more than 12,500 billion Rials for marriage and childbearing loans to more than 9,900 people.

In the first 9 months of this year, this bank has paid more than 3,521 billion Rials to about 5,500 applicants. Also, more than 9 thousand billion Rials of marriage loan facilities have been paid to applicants in the form of 4,422 cases by Sina Bank.