KARACHI: JS Bank, one of the fastest-growing banks in Pakistan unveiled its financial performance for the first half of 2023. The report underscored a trajectory of growth across multiple financial indicators.
During the first half of the year, the Bank recorded a significant increase of 231% in profit before tax and 254% in profit after tax, compared to the same period last year.
The increased profitability is primarily a result of improvement in the deposit mix. Non-Remunerative Deposits increased by 17% YoY resulting in the share of Non-Remunerative in Total Deposits increasing to 36% from 30% in the same period last year.
The Bank’s commitment to technological advancement and customer experience continued to drive digital adoption, with a 35% surge in mobile application usage, resulting in a remarkable 191% increase in transaction volume. Furthermore, JS Bank’s digital wing witnessed a remarkable 79% growth in the utilization of JS BOT, a personal WhatsApp banking assistant, with over 1.1 million hits for key digital services.
In addition, the Bank’s fintech offering, Zindigi, catered to an ever-increasing user base of 3.6 million active customers with a 57% increase in transaction volume in the first half of the year. The growth comes as a result of continuous innovative offerings including digital payments and loans, stocks and mutual funds, and a premium debit card proposition.
From the product standpoint, more than 7000 credit card customers were acquired so far this year, which was aided by the introduction of instant cashback in four categories; fuel, grocery, utilities, and education. This caused an exponential impact on the card proposition and increased the spending by 61%, resulting in a growth of 18% in ENR (end-net receivables) as compared to that of last year.
Basir Shamsie, President and CEO, JS Bank, commented, “The success from the first half of the year is a testament to our customers’ trust and the unwavering commitment and dedication of our teams. We remain committed to setting high standards as we pursue our vision of leadership in Pakistan’s financial services landscape.”
Copyright Business Recorder, 2023
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