AIRLINK 81.10 Increased By ▲ 2.55 (3.25%)
BOP 4.82 Increased By ▲ 0.05 (1.05%)
CNERGY 4.09 Decreased By ▼ -0.07 (-1.68%)
DFML 37.98 Decreased By ▼ -1.31 (-3.33%)
DGKC 93.00 Decreased By ▼ -2.65 (-2.77%)
FCCL 23.84 Decreased By ▼ -0.32 (-1.32%)
FFBL 32.00 Decreased By ▼ -0.77 (-2.35%)
FFL 9.24 Decreased By ▼ -0.13 (-1.39%)
GGL 10.06 Decreased By ▼ -0.09 (-0.89%)
HASCOL 6.65 Increased By ▲ 0.11 (1.68%)
HBL 113.00 Increased By ▲ 3.50 (3.2%)
HUBC 145.70 Increased By ▲ 0.69 (0.48%)
HUMNL 10.54 Decreased By ▼ -0.19 (-1.77%)
KEL 4.62 Decreased By ▼ -0.11 (-2.33%)
KOSM 4.12 Decreased By ▼ -0.14 (-3.29%)
MLCF 38.25 Decreased By ▼ -1.15 (-2.92%)
OGDC 131.70 Increased By ▲ 2.45 (1.9%)
PAEL 24.89 Decreased By ▼ -0.98 (-3.79%)
PIBTL 6.25 Decreased By ▼ -0.09 (-1.42%)
PPL 120.00 Decreased By ▼ -2.70 (-2.2%)
PRL 23.90 Decreased By ▼ -0.45 (-1.85%)
PTC 12.10 Decreased By ▼ -0.89 (-6.85%)
SEARL 59.95 Decreased By ▼ -1.23 (-2.01%)
SNGP 65.50 Increased By ▲ 0.30 (0.46%)
SSGC 10.15 Increased By ▲ 0.26 (2.63%)
TELE 7.85 Decreased By ▼ -0.01 (-0.13%)
TPLP 9.87 Increased By ▲ 0.02 (0.2%)
TRG 64.45 Decreased By ▼ -0.05 (-0.08%)
UNITY 26.90 Decreased By ▼ -0.09 (-0.33%)
WTL 1.33 Increased By ▲ 0.01 (0.76%)
BR100 8,052 Increased By 75.9 (0.95%)
BR30 25,581 Decreased By -21.4 (-0.08%)
KSE100 76,707 Increased By 498.6 (0.65%)
KSE30 24,698 Increased By 260.2 (1.06%)

KARACHI: Maintaining its growth momentum, BankIslami delivered an impressive return for its shareholders, with a remarkable 99% surge in its Profit Before Tax for the first quarter of 2024. The Bank’s Profit Before Tax reached Rs6.3 billion, with a post-tax profit of Rs3.2 billion, representing a growth of 79.2%.

Despite adverse market conditions, the Bank remains committed to financial excellence. Prominently, it demonstrated magnificent cost efficiency, as evidenced by the reduced cost-to-income ratio of 43.1% during the period, compared to 47.9% in the same period last year.

BankIslami strategically expanded its investment portfolio and grew its financing portfolio despite navigating through ongoing economic uncertainty. Consequently, the investment portfolio reached Rs332.2 billion, while the financing portfolio was at Rs253.6 billion showing an improvement in infection ratio to 8.2% from 9.0% in December 2023. The infection ratio of Islamic portfolios (i.e. excluding conventional portfolios inherited from combined entities) also improved from 6.9% in December 2023 to 6.3% in March 2024.

In Q1 2024, in spite of a 4.9% decrease in the deposit book compared to December 2023, the Bank observed a substantial year-on-year increase of 20.8%. The Bank is dedicated to increase its deposit base by promoting healthy growth in Current and Savings Accounts (CASA), supported by a strategic blend of initiatives aimed at strengthening trade finance, employee banking, and cash management business. With heightened profitability and an enhanced credit risk profile, the Bank’s Capital Adequacy Ratio (CAR) stood at an impressive 22.82%, well above the regulatory threshold of 11.50%

Way forward, the Bank is committed to its trajectory growth by expanding its deposit base, leveraging its extensive network, which has now surpassed 450 branches, and improved the customer experience through targeted technological advancements and an expanded digital footprint.

Copyright Business Recorder, 2024

Comments

Comments are closed.