Karachi: BankIslami Pakistan Limited announced financial results for quarter ended June 30, 2022. For half year ended June 2022, Bank achieved 155 percent increase in its operating profit before provisions and reported Rs 4.1 billion as compared to Rs 1.6 billion in same period last year.

This achievement is predominately attributable to increase of 56 percent in net spread earned on back of rising profit yields on asset portfolio, growth in current account deposits and increase in earning asset base of Bank. Operating profits also got support from increase in other income which grew by 62 percent, mainly because of growth in fee from digital channels and trade services, FX income and sale of non-banking assets.  

BankIslami’s Deposit and Net Islamic Financing witnessing year on year (YoY) growth of 22 percent and 46 percent respectively demonstrating confidence of customers and other stakeholders in Bank’s service levels.  Current Account deposits depicted a healthy YoY rise of 31.4 percent with CA mix in total deposits improving from 38 percent in Jun’21 to 41 percent in Jun’22. Financing to corporate, consumer, agri and SME segments and treasury book remained high. Consequently, in Jun’22, total assets of Bank grew by 30 percent vis-à-vis Jun’21. 

Despite an increase in administrative expenses, efficiency ratio of Bank for half year ended June 2022 has improved to 57.9 percent from 76.1 percent in same period last year. 

Published in The Daily National Courier, August, 31 2022

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