BankIslami posts pre-tax profit of PKR 1,006 Million

BankIslami Pakistan Limited has reported positive results by posting a profit before tax of Rs. 1,006.4 million for the nine months ended on September 30, 2016. The Bank recorded an increase of 6.87% in Deposits, from the same period last year, which crossed Rs. 155 billion. The Asset Base has grown significantly and closed at Rs. 192.8 billion denoting an increase of 6.78% from the same period last year. The Bank’s deposit mix has also improved, which constituted 70.53% of the Current and Saving Accounts (‘CASA’), due to which the cost of fund has declined by 154bps.

“Focus on Consumer Financing, particularly Auto Finance & Non-Funded Income, improved the bottom line of the Bank to Rs.595 million as compared to Rs. 135 million for the same period last year. Key initiatives taken during the quarter include launch of mBankIslami (Bank’s mobile app), repackaged version of Auto Finance product, Diminishing Musharakah product for corporates & remittance agreement with Ria Financials Services, a globally renowned money transfer company. These initiatives will contribute to the bottom line going forward”. said Hasan A. Bilgrami, CEO, BankIslami.

The Bank received ‘Transaction for the Year 2015 – Runners Up’ award from the CFA Society, Pakistan for ‘Acquisition of defunct KASB Bank’, which is an acknowledgment of excellence by the financial fraternity on the transaction.