JS Bank crosses $2.3bn in deposits

JS Bank, recorded another milestone with its deposit base reaching the Rs400 billion (approx. USD 2.3 Billion) mark.

Acknowledged as one of Pakistan’s largest SME banks and mortgage providers, JS Bank has been recognized by the State Bank of Pakistan as the best performer under the Rozgar Refinance Scheme, a concessional credit scheme for SME’s that ensure zero job layoffs. The Bank is also driving entrepreneurship amongst women and differently abled persons through provision of targeted lending facilities.

Earlier this year, JS Bank won ‘Best Bank for SMEs’ and ‘Best Bank for CSR’ awards at the Asiamoney Awards 2020, as well as the Best Bank for SME (Pakistan) at the Asian Banking and Finance Awards.

“Deposit growth is a key indicator of customer confidence and financial stability”, said Basir Shamsie, President and CEO - JS Bank. “It is the support and patronage of our clients that has enabled us to scale so rapidly despite our relatively short time in the market.”

Last month, JS Bank reported profit before tax of Rs628.5 million for the quarter ended March 31, 2020 as compared to profit before tax of Rs54.7 million over the corresponding period last year, an incredible 1000 percent increase.

Profitability showed a marked increase primarily due to markup and commission income, FCY income, and gain on sale of securities. The breakup value per share of the Bank as of March 31, 2020, is Rs13.9 with the earnings per share of Rs0.29.