JS Bank closes 9MFY24 with 34pc YoY growth in profit after tax

KARACHI: JS Bank announced its financial results for the nine months ended September 30, 2024. For the nine-month period, the Bank posted a standalone profit before tax of Rs 6.21 billion, growing by 33 percent and profit after tax of Rs. 3.10 billion, recording a growth of 34 percent, as compared to the same period last year.

Earnings per share (EPS) stood at Rs. 1.51 in 9MFY24, as compared to Rs. 1.63 for the same period last year due to higher weighted average number of shares over the current period.

On a consolidated basis, JS Bank’s profit before tax was reported at Rs. 24.72 billion, growing by 147 percent while profit after tax was reported at Rs. 12.71 billion, reflecting a growth of 83 percent, as compared to the same period last year.

As a result, the consolidated earnings per share (EPS) rose to Rs. 4.94 in 9MFY24, as compared to Rs. 4.74 for the same period last year.

Earlier this year, the Bank 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 9MFY24 at a level of Rs. 1.07 trillion in total deposits.

“At JS Bank, our commitment to growth is based on understanding and meeting the evolving needs of our customers in the best way possible,” said Basir Shamsie, President and CEO of JS Bank.

“We continue to explore new opportunities to enhance our services, ensuring that every step forward adds real value for those we serve. Our performance reflects our dedication to create lasting impact for all our stakeholders and we thank them for their continued trust and support, as always.” he added.

Copyright Business Recorder, 2024