BankIslami Posts 81% Growth in Profit After Tax in 2020

BankIslami posted a profit after tax of Rs. 1.76 billion during the nine-month period ending September 2020, depicting 81 percent growth as compared to the same time period last year.

The Board of Directors of BankIslami Pakistan Limited in a meeting held on October 29, 2020 in Karachi, approved the Bank’s financial results for the nine months ended September 30, 2020.

The operating profit of the Bank has increased to Rs. 4.79 billion, which is 72 percent growth from the same period last year. The growth in profit was achieved on the back of rising in Core CASA deposits by 20 percent, persistent growth in earning assets, along with improvement in net spreads and cost to income ratio.

The total deposit base of the Bank grew by 11 percent, while total assets grew by 8 percent during the nine months of 2020. Keeping in view the credit risks emanating from COVID-19, the Bank has recorded additional provisioning so as to improve the risk appetite of the Bank.

During this time period, BankIslami issued Pakistan’s first listed Islamic Additional Tier-I Capital Sukuk (ADT-1 Sukuk’) with the total issue size of Rs. 2,000 million.

 



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