AGL 22.90 Decreased By ▼ -1.83 (-7.4%)
AIRLINK 103.99 Decreased By ▼ -7.11 (-6.4%)
BOP 5.36 Decreased By ▼ -0.18 (-3.25%)
CNERGY 3.86 Decreased By ▼ -0.04 (-1.03%)
DCL 8.02 Decreased By ▼ -0.43 (-5.09%)
DFML 39.10 Decreased By ▼ -3.15 (-7.46%)
DGKC 86.95 Decreased By ▼ -2.65 (-2.96%)
FCCL 22.70 Decreased By ▼ -0.20 (-0.87%)
FFBL 40.59 Decreased By ▼ -1.39 (-3.31%)
FFL 8.89 Decreased By ▼ -0.15 (-1.66%)
HUBC 153.50 Decreased By ▼ -8.70 (-5.36%)
HUMNL 10.65 Decreased By ▼ -0.70 (-6.17%)
KEL 4.55 Decreased By ▼ -0.23 (-4.81%)
KOSM 3.90 Decreased By ▼ -0.16 (-3.94%)
MLCF 37.50 Decreased By ▼ -1.45 (-3.72%)
NBP 49.00 Decreased By ▼ -1.60 (-3.16%)
OGDC 134.15 Decreased By ▼ -2.96 (-2.16%)
PAEL 26.15 Decreased By ▼ -2.40 (-8.41%)
PIBTL 6.07 Decreased By ▼ -0.18 (-2.88%)
PPL 116.79 Decreased By ▼ -6.01 (-4.89%)
PRL 23.55 Decreased By ▼ -0.75 (-3.09%)
PTC 12.90 Decreased By ▼ -0.84 (-6.11%)
SEARL 57.25 Decreased By ▼ -2.80 (-4.66%)
TELE 7.45 Decreased By ▼ -0.31 (-3.99%)
TOMCL 35.74 Decreased By ▼ -3.66 (-9.29%)
TPLP 8.50 Decreased By ▼ -0.26 (-2.97%)
TREET 15.68 Decreased By ▼ -0.52 (-3.21%)
TRG 56.40 Decreased By ▼ -3.60 (-6%)
UNITY 33.40 Decreased By ▼ -1.00 (-2.91%)
WTL 1.18 Decreased By ▼ -0.04 (-3.28%)
BR100 8,433 Decreased By -274.3 (-3.15%)
BR30 26,639 Decreased By -1159 (-4.17%)
KSE100 80,118 Decreased By -1722 (-2.1%)
KSE30 25,681 Decreased By -584.1 (-2.22%)

KARACHI: BankIslami marks 194 percent Growth in Operating Profits (GOP) before provisions for the nine months (Jan-Sept) of calendar year (CY22).

BankIslami Pakistan Limited has announced its financial results for the quarter ended September 30, 2022. For nine months, BankIslami closed operating profits before provision at Rs7.79bn, 194% higher than same period last year.

The growth in profitability was achieved primarily due to increase in volumes and yields of earning assets while growth in non-funded income also played pivotal role in improving the profitability.

Given the current economic scenario, as a precautionary measure, the Bank recorded additional general provision of Rs1.65bn during the nine months, to close the total provision (net of reversals) for nine months ended September 30, 2022 at Rs2.25bn.

Despite additional provisions and rise in tax rates, Profit after tax of the Bank for nine months closed at Rs2.85bn, which is 53.7% higher than the profit after tax of same period last year.

Deposits of the Bank grew to Rs388.1bn, a 12.6% growth during the nine months of 2022 and 25.5% growth since September 2021. Funds generated through growth in deposits were directed towards financing and investing activities. Financing side grew to Rs205.3bn, depicting 13.3% growth during the nine months of 2022 and 31.9% growth since September 2021.

While the Bank grew its Financing books, NBF ratio reduced from 8.7% to 8.1%. With increase in provisions (including general provision), coverage ratio improved from 90% to 97% as at September 2022. With rise in profitability and improved credit risk profile of the Bank, Capital Adequacy Ratio (CAR) of the Bank closed at 15.92% as compared to 14.15% as at December 2021.

On investment front, funds were particularly directed towards GoP Ijarah Sukuk, which resulted in growth of 11.6% in investment portfolio during the nine months of 2022.

To counter the impact of unusual inflation in the country, BankIslami has announced monthly inflation allowance for its lower and middle cadre employees.

Recent floods in the country have had huge impact on the lives of the masses, especially those in the areas affected by the floods. BankIslami is at the forefront in helping the flood victims.

The Bank conducted various drives and awareness campaigns for collection/distribution of donations and goods, moreover various medical camps were also organized in various parts of Sindh in collaboration with other organizations where apart from free medical treatments, medications were also provided. In the coming days, BankIslami will continue its efforts to help and uplift the flood affected areas.

Copyright Business Recorder, 2022

Comments

Comments are closed.