On October 24, 2023, BankIslami Pakistan Limited disclosed
an astounding 196% surge in profit growth for the first nine months of the
calendar year 2023.
As per the financial report submitted to the Pakistan Stock
Exchange (PSX), the bank accomplished a profit after tax of Rs 8.46 billion
from January to September 2023, a substantial leap from Rs 2.86 billion during
the same period the previous year.
State
Bank grants approval for sale of BankIslami shares to JS Bank
The earnings per share (EPS) for the bank during the
nine-month period ending on September 30, 2023, reached Rs 7.63, a remarkable
increase from Rs 2.58 in the corresponding period of the previous year. On
October 24, 2023, the Board of Directors of BankIslami Pakistan convened and
proposed an interim cash dividend of Rs 1.75 per share, equating to 17.5%.
Furthermore, the financial statement revealed that the
bank's net profit/return for the nine-month period concluding on September 30,
2023, amounted to Rs 28.34 billion, in stark contrast to the Rs 13.64 billion
in the same period of the preceding year. This significant spike in net profit
underscores the bank's robust financial performance and growth trajectory.
BankIslami
names Rizwan Ata as President and CEO
During the first nine months of the current calendar year,
BankIslami Pakistan reported a total income of Rs 30.49 billion, a substantial
escalation from the Rs 16.48 billion reported in the corresponding period of
the previous year. The bank's efforts to expand its operations and services
played a pivotal role in this remarkable income growth.
However, the bank also noted an increase in operating
expenses, which reached Rs 11.32 billion in the nine-month period under review,
compared to Rs 8.57 billion in the same period the previous year. These
elevated operating costs are attributed to the expenses incurred in the bank's
expansion and service enhancement endeavors.
In terms of tax contributions, BankIslami Pakistan paid an
income tax of Rs 6.47 billion for the nine-month period concluding on September
30, 2023, marking a substantial rise from the Rs 2.69 billion paid during the
same period the previous year. This underscores the bank's adherence to tax
regulations and its significant contribution to the national treasury.
Bank
Jobs: BankIslami Ltd Graduate Trainee Officer Programme 2023
BankIslami Pakistan's outstanding financial results
underline its dedication to providing value to its shareholders and the broader
financial industry. The substantial profit growth, increased income, and
adherence to tax obligations underscore the bank's robust financial management
and strategic growth initiatives.
As the bank continues to extend its services and operations,
it is well-poised to contribute to the economic development of Pakistan. The
notable upsurge in profit growth not only attests to the bank's resilience but
also serves as a favorable indicator for the overall financial landscape in the
country, reflecting opportunities for growth and stability in the banking
sector.
Source: Daily Pakistan