Growing from strength to strength, JS Bank reported profit before tax of PKR 628.5 million for the quarter ending on March 31, 2020, as compared to profit before tax of PKR 54.7 million over the corresponding period last year, an incredible 1000% increase.
Profitability showed a marked increase due to markup and commission income, FCY income, and gain on sale of securities. The breakup value per share of the bank as of March 31, 2020, is PKR 13.9 with the earnings per share of PKR 0.29.
In addition, the bank’s deposits grew to PKR 379.25 billion whereas advances were recorded at PKR 235.1 billion during the quarter, which reflects a continued focus of the bank on prudent growth and core business activities. Investments increased from PKR 142.6 billion to PKR 183.2 billion during the same period, up by 28.5%.
With the banking industry facing challenges due to the economic and financial impact of COVID-19, JS Bank is revisiting its business strategy to cater to changing ground realities. Emphasizing the WOW customer experience, the bank is realigning itself into an agile, digital-focused bank targeting well-defined target markets through a mix of innovative products and services.
Committed towards its role as a catalyst towards the progress and prosperity of Pakistan, the bank is continuing its journey of success through shared value creation.