Karachi, August 22, 2023 – BankIslami Pakistan Limited, a prominent player in Pakistan’s banking sector, has reported a remarkable surge in its profit after tax for the first half of 2023, marking a stunning growth of over 250 percent.
The financial results, recently disclosed to the Pakistan Stock Exchange (PSX), revealed that the bank achieved a profit after tax of Rs 5.10 billion for the half-year period spanning January to June 2023, in stark contrast to the Rs 1.45 billion recorded in the corresponding period of the previous year.
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This extraordinary increase in net profit has also translated into a substantial boost in earnings per share, which reached Rs 4.60 during the review period, compared to Rs 1.30 in the preceding half-year.
Despite this meteoric rise in profitability, the bank’s board of directors, who convened on Tuesday, August 22, 2023, decided not to recommend any cash dividends or bonus shares to shareholders.
The surge in net profit can be attributed to the bank’s net returns, which swelled to Rs 16.65 billion for the first half of 2023, compared to Rs 7.92 billion in the corresponding period of the previous year. This robust performance underscores the bank’s ability to generate higher revenues from its operations.
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Meanwhile, the total income of BankIslami Pakistan soared to Rs 18.25 billion for the period from January to June 2023, a substantial increase compared to the Rs 9.63 billion reported during the same period in the previous year.
However, it’s essential to note that the bank also experienced an uptick in total expenses, which amounted to Rs 7.66 billion during the first half of 2023, compared to Rs 5.57 billion in the same period of the previous year. This increase may be attributed to investments in expanding the bank’s services and maintaining its operational efficiency.
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Another notable financial aspect is the bank’s income tax contribution, which surged to Rs 3.2 billion for the half-year ending on June 30, 2023, as opposed to Rs 1.26 billion in the same period of the previous year. This higher tax contribution reflects the bank’s substantial profits and its contribution to the national exchequer.
BankIslami Pakistan’s remarkable financial performance in the first half of 2023 underscores its position as a key player in the country’s banking industry, contributing to the economic growth and stability of Pakistan. Shareholders and stakeholders are eagerly awaiting further developments as the bank continues to navigate the evolving financial landscape.
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