KARACHI: The Pacra has maintained AA- equity ratings of BankIslami Pakistan Limited, reflecting a stable outlook. According to the bank, this can be attributed to the fact, it has developed a comprehensive range of product suites tailored to meet diverse customer needs, establishing a strong presence in various financing areas.

The bank’s key focus areas include expanding current accounts, improving the deposit per branch ratio, enhancing the financing portfolio, and strengthening cash management and employee banking services.

In 2023, the bank underwent a significant change in ownership as JS Bank Limited, one of its sponsor shareholders, elevated its shareholding to 75.12%, making BankIslami an integral part of the JS Group.

As of December 2023, BankIslami’s deposit base grew by 26%, reaching PKR 522.5 billion and the bank’s net financing increased by 14 percent to PKR 230 billion. By the end of December 2023, the Capital Adequacy Ratio (CAR) enhanced to 23.8% (up from 17.9% at the end of December 2022), indicating a strong growth cushion for the bank.

Copyright Business Recorder, 2024