JS Bank posts profit before tax of Rs1.472bn for half year

KARACHI: JS Bank has reported an incredible turnaround in its profitability by posting profit before tax of Rs 1,472 million for the half year ended June 30, 2020 as compared to a loss before tax of Rs 597 million over the corresponding period last year.

The increase in profit is mainly due to a remarkable growth in the Bank's deposits which crossed Rs 400 billion resulting in improvement in net interest income and an upswing in fee-based income. The break-up value per share of the Bank as of June 30, 2020 was Rs 15.6 with an earnings per share of Rs 0.66 for the half year ended June 30, 2020.

"We have witnessed a significant increase in the half-yearly 2020 profits due to a dedicated focus on business growth and associated income which reflects the trust of our customers and the dedication of our teams," said Hasan Shahid, Chief Financial Officer, JS Bank.

With the banking industry facing continued challenges due to the economic and financial impact of COVID-19, the Bank's strategy is based on a continuous process of identifying new opportunities that enable business enhancement. The Bank strives to fulfill customer needs through innovative products and services, strong alliances, and automation of service delivery.-PR

Copyright Business Recorder, 2020