AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: BankIslami Pakistan Limited reported a robust financial performance for the half-year ended June 30, 2024, declaring an interim dividend amidst a challenging economic landscape.
In their latest financial disclosures, BankIslami revealed a net profit after taxation of PKR 3.49 billion for the half-year ended June 30, 2024, compared to PKR 5.01 billion in the corresponding period last year. The profit before taxation was recorded at PKR 7.49 billion, showing a decrease from PKR 8.30 billion in the previous year. According to information available from the Pakistan Stock Exchange (PSX), these figures reflect the volatile conditions impacting the financial sector.
The bank’s earnings per share also dipped to Rs. 3.47 from Rs. 4.60 a year earlier. However, despite these pressures, the board approved an interim cash dividend of Rs. 1.5 per share, amounting to a 15% payout, a gesture that underscores the bank’s commitment to delivering shareholder value.
Total income for the period stood at PKR 12.90 billion, slightly down from PKR 18.27 billion in 2023. The decline was cushioned by various income streams, including a notable PKR 1.00 billion from foreign exchange income. However, operating expenses rose to PKR 5.37 billion from PKR 7.46 billion, reflecting increased costs that have strained profit margins.
No new shares were issued during the period as the bank reported no bonus or right shares, aligning with its conservative capital management strategy in current economic conditions.
The financial results and the decision on dividend payouts will be finalized upon shareholder approval in the upcoming meeting scheduled for September 06, 2024. The bank’s share transfer books will remain closed from September 07 to September 09, 2024.
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