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Karachi, BankIslami Pakistan Limited announced a significant increase in its financial performance for the first quarter of 2024, reporting a profit before tax of PKR 6.3 billion, marking a 99% increase compared to the same period last year. The bank’s post-tax profit also rose to PKR 3.2 billion, reflecting a 79.2% growth.
According to Bank Islami Pakistan Limited, this financial achievement comes amidst challenging market conditions, with the bank maintaining a strong focus on cost efficiency, evidenced by a reduced cost-to-income ratio of 43.1%.
The bank has strategically managed to expand its investment and financing portfolios despite the economic uncertainties. The investment portfolio grew to PKR 332.2 billion, and the financing portfolio increased to PKR 253.6 billion, improving the infection ratio from 9.0% in December 2023 to 8.2% in March 2024. Additionally, the Islamic portfolios have shown an improvement in the infection ratio from 6.9% to 6.3% over the same period.
Despite a 4.9% decrease in the deposit book since December 2023, BankIslami observed a notable year-on-year increase of 20.8% in deposits. The bank continues to focus on enhancing its Current and Savings Accounts (CASA) through various strategic initiatives, including strengthening its trade finance, employee banking, and cash management services. The bank’s Capital Adequacy Ratio (CAR) also remains robust at 22.82%, significantly exceeding the regulatory minimum of 11.50%.
Looking ahead, BankIslami is committed to continuing its growth trajectory by expanding its deposit base, leveraging its now over 450 branch network, and enhancing customer experiences through technological advancements and an expanded digital presence.
The post BankIslami Reports Substantial Profit Growth in Q1 2024 appeared first on Pakistan Business News.