BankIslami records 137% jump in profit during 2023

BankIslami Pakistan Limited (BIPL) posted a massive consolidated profit after tax of Rs10.61 billion in 2023, which is nearly 137% higher than its earnings in the preceding year.

As per the financial statements shared with the Pakistan Stock Exchange (PSX) on Wednesday, the bank reported earnings per share of Rs9.57 as opposed to Rs4.04 in the same period last year.

The board of directors also announced an interim cash dividend for the year ended December 31, 2023 at the rate of Rs1 per share i.e. 10%. This is in addition to the interim cash dividend already paid at Rs1.75 per share i.e. 17.5%.

Under the ‘profit/return earned’, BIPL raked in Rs92.76 billion, up over 100% from a year ago, as compared to Rs46.35 billion registered in SPLY.

BankIslami’s consolidated profit up 253% in 6MCY23

As a result, the bank’s net profit stood at Rs40.18 billion in 1HFY24, up by 97%.

On the other hand, BIPL’s other income declined by 8%, standing at Rs3.31 billion, as compared to Rs3.6 billion in SPLY.

BIPL generated Rs1.8 billion in fee and commission income, up over 24% as compared to the same period last year.

The tax expense of BankIslami increased over 150% year-on-year to Rs9.48 billion in 2023.