JS Bank Posts a Profit Growth of 33% In H1 2016

JS Bank Limited posted a profit of Rs 754.9 million for the firs half of 2016, which ended on June 30th. These amounts are higher by 33.2% than the corresponding period last year.

The Board, in its 69th meeting held on August 25th, approved the Bank’s half yearly financial statements.

6 Month Report

During the six month period, deposits grew by 25.2%, closing at Rs 177.5 billion (December 2015: PKR 141.8 billion). Net Advances grew by 4.1% to Rs 79.8 billion (December 2015: Rs 76.7 billion). The bank’s net assets (including surplus) stood at Rs 16.4 billion as of June 30th.

Future Prospects

JS Bank continues to grow its market share in terms of Deposits, Advances, ADC and Home Remittance. During Q2-2016, the Bank has taken further initiatives to enhance its service delivery and delivery and distribution, including the roll out of dedicated sales forces for consumer liabilities and consumer assets.

On the asset side, the focus remains on prudent expansion in advances and growing their fee income streams. With a network of 277 branches across 138 cities and one overseas (wholesale) branch in Bahrain, JS Bank is well-positioned to record impressive growth in core and ancillary revenues in 2016 and onwards.

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