BankIslami denies unusual price movement reports

BankIslami Pakistan Limited (BIPL) dismissed on Friday reports of unusual movement in the price or volume of its shares during the preceding period.

The bank rebutted the reports in a notice to the Pakistan Stock Exchange (PSX) today.

“We do not have any information on the reason for the movement in price; however, we believe that the shares of BIPL may have attracted investor interest due to perceived valuation gaps, potentially contributing to the observed changes,” it told the bourse.

However, BIPL said the movement appears to reflect broader market dynamics and investor sentiment, rather than any specific action or undisclosed development related to BIPL.

BankIslami delivers record 24pc surge in profit in FY24

In the last 30 days, the share price of BIPL has rose from Rs23.94 to R34.90 9, at the time of filing this report, registering a 46% increase.

Over the past year, BankIslami launched Pakistan’s largest Islamic banking marketing campaign, amplifying brand presence and customer engagement.

The bank also spearheaded a major technological overhaul, with the launch of its new internet and mobile banking applications as well as revamping its core banking system to enhance operational efficiency and digital capabilities.