Despite COVID, JS Bank’s Half Yearly Profits Skyrocket
- The increase in profit is mainly due to growth in the Bank’s deposits which crossed PKR 400 billion resulting in improvement in net interest income and an upswing in fee-based income.
JS Bank has reported an impressive turnaround in its profitability by posting a profit before tax of PKR 1,472 million for the half-year ended June 30, 2020, as compared to a loss before tax of PKR 597 million over the corresponding period last year.
The increase in profit is mainly due to growth in the Bank’s deposits which crossed PKR 400 billion resulting in improvement in net interest income and an upswing in fee-based income. The break-up value per share of the Bank as of June 30, 2020, was PKR 15.6 with earnings per share of PKR 0.66 for the half-year ended June 30, 2020.
“We have witnessed a significant increase in the half-yearly 2020 profits due to a dedicated focus on business growth and associated income which reflects the trust of our customers and the dedication of our teams,” said Hasan Shahid, Chief Financial Officer, JS Bank.
With the banking industry facing continued challenges due to the economic and financial impact of COVID-19, the Bank’s strategy is based on a continuous process of identifying new opportunities that enable business enhancement.
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.
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