Wednesday, April 24, 2024

JS Bank Records Consolidated Profit of PKR 18.3 Billion in 2023

JS Bank announces its financial performance for the year 2023. Owing to its customer-first approach, JS Bank achieved remarkable growth across key financial indicators, solidifying its position as one of the fastest-growing financial institutions in the country.

During the year, JS Bank recorded a consolidated Profit Before Tax (PBT) of PKR 18.3 billion (up 8x compared to the previous year) and an unconsolidated PBT of PKR 8.5 billion (up 4x compared to the previous year). Consolidated Earnings per share (EPS) grew to Rs. 5.99 and unconsolidated to Rs. 2.75.

Moreover, the Bank’s consolidated deposits grew to over PKR 1 trillion, and unconsolidated deposits to PKR 486 billion. JS Bank’s consolidated Total Assets reached PKR 1.2 trillion, and unconsolidated Total Assets to PKR. 589 billion.

Commenting on the Bank’s stellar performance, Basir Shamsie, President & CEO, said, “We are happy to announce JS Bank’s financial performance for 2023. Our growth reflects the trust that our customers and shareholders have placed in us. Our teams are dedicated to navigating the dynamic market conditions and remain steadfast in our commitment to delivering top-quality products and services to our customers, shareholders, and the community at large.”

One of the biggest highlights from 2023 was the successful acquisition of BankIslami Pakistan Limited (BIPL). While both banks remain independent and true to their core conventional and Islamic banking domains, this strategic decision allows JS Bank to offer a diversified portfolio of products and services to a wider customer base through a greater number of touchpoints.

In 2023, JS Bank’s foreign trade volume grew by more than 80% while the Bank also successfully onboarded some of Pakistan’s most well-known local and multinational corporates. Moreover, 80% of the Bank’s brick-and-mortar branches are now equipped with a digital account opening feature, while the digital customer base has increased by 46% from the previous year. Downloads of Zindgi, JS Bank’s digital banking platform, also soared to 10 million, and 4.8 million accounts were opened. In addition, Zindigi also stood out for offering AI-driven micro-lending and comprehensive Raast P2M services.

Committed to its role as a catalyst toward Pakistan’s prosperity, JS Bank aspires to continue its journey of impact by providing innovative conventional and digital financial solutions for customers in the years to come.

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