KARACHI: JS Bank, one of the fastest-growing banks in Pakistan, announced its financial performance for the first half of 2024. The results reflect exponential growth for the Bank across key financial indicators, solidifying its position as the emerging financial institution in the country.
On a consolidated basis, JS Bank’s Profit Before Tax was reported at Rs18.79 billion, growing by 464 percent while Profit After Tax was reported at Rs9.7 billion, reflecting a growth of 511 percent, as compared to the same period last year. As a result, the consolidated Earnings Per Share (EPS) rose to Rs3.87 in the first half of CY24, as compared to Rs1.22 for the same period last year.
During the first half, JS Bank posted a standalone Profit Before Tax of Rs5.43 billion, growing by 69 percent and Profit After Tax of Rs2.76 billion, recording a growth of 83 percent, as compared to the same period last year. The EPS also rose to Rs1.35 in the first half of CY24, as compared to Rs1.16 for the same period last year.
Earlier this year, the Bank had also reached a significant milestone of crossing half a trillion in total deposits, which stemmed from a strong closing of 2023. On a consolidated basis, JS Bank closed the first half of CY24 at a level of Rs1.1 trillion. PACRA has also upgraded JS Bank rating from “AA-“ to “AA” for the long-term and “A1+” for the short-term with a stable outlook forecast.
“We are pleased with JS Bank’s strong performance in the first half of 2024, a testament to the trust our customers place in us,” said Basir Shamsie, President and CEO of JS Bank. “Our growth is driven by our commitment to providing solutions that empower our customers to achieve greater financial independence. As we continue, our focus remains on innovation and helping our customers strengthen their overall financial well-being. We are confident in maintaining this momentum and delivering meaningful impact throughout the year.”
Copyright Business Recorder, 2024
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