BankIslami's full year profit surges by 137%
BankIslami Pakistan Limited has
announced a substantial increase in its profit after tax, showcasing a
remarkable 137 percent rise to Rs10.61 billion from Rs4.47 billion in the
previous year.
This notable growth is attributed to the robust expansion in the bank's core banking operations, alongside an upsurge in non-funded income, which collectively contributed to elevating the bank’s earnings per share from Rs4.04 in 2022 to Rs9.57.
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Furthermore, the bank has
declared an interim cash dividend of Re1 per share for the year ended December
31, 2023, supplementing an earlier dividend of Rs1.75 per share.
This financial upswing is further substantiated by a notable 100.4 percent increase in profit/return earned, reaching Rs92.76 billion in 2023, up from Rs46.35 billion in the preceding year.
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However, the bank experienced an 8 percent decrease in income to Rs3.31 billion. Nonetheless, there was a significant 24.4 percent increase in fee and commission income to Rs1.8 billion, showcasing the bank's diversified service portfolio and expanding customer base.
Source: Profit Pakistan