Karachi, October 24, 2023 – BankIslami Pakistan Limited has reported a staggering 196% increase in profit growth during the first nine months of the calendar year 2023.
According to the financial statement submitted to the Pakistan Stock Exchange (PSX), the bank achieved a profit after tax of Rs 8.46 billion for the period from January to September 2023, compared to Rs 2.86 billion for the same period in the previous year.
The earnings per share (EPS) of the bank for the nine-month period ending on September 30, 2023, reached Rs 7.63, a significant rise from Rs 2.58 during the same period the previous year. The board of directors of BankIslami Pakistan convened on October 24, 2023, and recommended an interim cash dividend of Rs 1.75 per share, equivalent to 17.5%.
The financial statement also revealed that the net profit/return of the bank stood at Rs 28.34 billion for the nine-month period ending on September 30, 2023, compared to Rs 13.64 billion during the corresponding period in the previous year. This significant increase in net profit demonstrates the bank’s strong financial performance and growth trajectory.
BankIslami Pakistan declared a total income of Rs 30.49 billion for the first nine months of the current calendar year, marking a substantial increase from the Rs 16.48 billion reported during the same period in the previous year. The bank’s efforts in expanding its operations and services have contributed to this remarkable growth in income.
However, the bank also reported a rise in operating expenses, which reached Rs 11.32 billion during the nine-month period under review, compared to Rs 8.57 billion in the same period of the previous year. These higher operating expenses can be attributed to the costs associated with expanding and enhancing the bank’s services.
In terms of tax contributions, BankIslami Pakistan paid an income tax of Rs 6.47 billion for the nine-month period ending on September 30, 2023, a significant increase from the Rs 2.69 billion paid during the same period in the previous year. This reflects the bank’s compliance with tax regulations and its contribution to the national exchequer.
The outstanding financial results of BankIslami Pakistan highlight its commitment to delivering value to its shareholders and the broader financial sector. The substantial profit growth, increased income, and compliance with tax obligations demonstrate the bank’s strong financial management and strategic growth initiatives.
As the bank continues to expand its services and operations, it is well-positioned to contribute to the economic development of Pakistan. The substantial increase in profit growth is not only a testament to the bank’s resilience but also a positive indicator for the overall financial landscape in the country, reflecting opportunities for growth and stability in the banking sector.
