Bank Islami Pakistan Limited delivered strong results by posting profit before tax of Rs 608.5 million for the year 2011 as against Rs 44.50 million in 2010. The Bank also recorded an increase of 32.4% in deposits which crossed Rs 50 billion. Asset base was noted at Rs 58.8 billion denoting an increase of 30.6%.
In the last three years the Bank has grown by more than 300% making it one of the fastest growing banks in Pakistan. Bank Islami is the second largest Islamic Bank in the country with 102 branches in 49 cities which is the16th largest network in the country. These impressive results were reported without any network expansion.
Speaking on the occasion the CEO of the Bank, Hasan A Bilgrami, noted that the Bank is all set to commence the second wave of network expansion with a target to cross 200-branch mark in next three years. Bank Islami is eyeing to increase its market share in the rapidly growing Islamic banking market with a target to cross Rs 100 billion in next two years. Bank Islami is a joint venture between Dubai Bank, JS Group and Rendered family of the UK.-PR