JS Bank, one of the fastest-growing banks in Pakistan, announced its financial performance for the first quarter of 2024. The results underscore remarkable growth for the Bank across key financial indicators, solidifying its position as one of the emerging financial institutions in the country.
During the first quarter of 2024, JS Bank posted a Profit Before Tax (PBT) of Rs. 3.72 billion and a Profit After Tax (PAT) of Rs. 1.71 billion, recording a growth of 144% and 99% respectively, as compared to the same period last year. The Earnings per share (EPS) was reported at Rs. 0.83 in Q1 2024, as compared to Rs. 0.66 in the same period last year.
On a consolidated basis, the Bank posted a PBT of Rs. 9.34 billion and PAT of Rs. 4.2 billion, registering a growth of 494% and 376% respectively, as compared to the same period last year. The growth comes as a result of business expansion and the successful acquisition of BankIslami Pakistan Limited (BIPL) in the third quarter of 2023.
The first quarter of 2024 also ended with JS Bank achieving a significant milestone of crossing half a trillion in deposits.
“We are pleased to announce a strong start to this year, with sustained growth in JS Bank’s profitability”, said Basir Shamsie, President & CEO of JS Bank. “This achievement reflects our team’s commitment to delivering exceptional value to our customers and our strategic focus on business growth. We are confident to maintain this momentum and continue growing throughout the year”, he added.
Committed to its role as a catalyst toward Pakistan’s prosperity, JS Bank aspires to continue its journey of impact by providing innovative conventional and digital financial solutions for customers in the years to come.
