Islamabad, Oct 25: With a noteworthy 33.6 percent increase in earnings before taxes for the nine months ending in September 2024, BankIslami is continuing on its growth trajectory and providing significant returns to its shareholders.
The Bank’s post-tax profit jumped to Rs. 10.2 billion, representing a strong 20.5 percent gain, while its profit before tax reached Rs. 19.9 billion. BankIslami is unwavering in its dedication to financial excellence in spite of difficult market conditions.
The notable increase in non-fund-based income (NFI), which increased by almost 1.3 billion rupees over the same period previous year, was one of the period’s main highlights. The Bank’s strategic focus on varied revenue streams was further highlighted by the improvement in the NFI ratio to total income, which increased from 7% to 9.4% in the prior year.
BankIslami responsibly optimized its lending portfolio while strategically expanding its investment portfolio in response to the persistent economic uncertainty. The gross finance portfolio saw a controlled decrease of 21.5 percent, settling at Rs. 199.5 billion, while the investment portfolio reached Rs. 346.7 billion.
The infection ratio increased from 9 percent at the end of 2023 to 12.7 percent in the current era as a result of this tactical change.
The Bank’s deposit portfolio grew significantly, increasing by 5.6 percent from December 31, 2023, and 19.5 percent from the period ending September 30, 2023. A 12.2 percent increase in term deposits since December 2023, which brought stability to the deposit book, was a major contributor to this gain. Additionally, the CASA ratio was steady at 60%, indicating increased consumer confidence, improved liquidity, and a deliberate focus on boosting trade finance and other commercial opportunities.
BankIslami’s Capital Adequacy Ratio (CAR) was a remarkable 29.16 percent, far higher than the legal benchmark of 11.50 percent, due to increased profitability and an improved credit risk profile.
By growing its deposit base, utilizing its vast network of more than 500 branches, and improving the client experience through focused technology developments and a wider digital footprint, BankIslami is dedicated to bolstering its growth going forward.
