JS Bank profit after tax grows by 254pc during H1CY23

JS Bank financial performance

Karachi, August 23, 2023: JS Bank unveiled its financial performance for the first half of 2023, underscoring a trajectory of growth across multiple financial indicators.

During the first half of the year, the Bank recorded a significant increase of 231 percent in profit before tax and 254 percent in profit after tax, compared to the same period last year.

The increased profitability is primarily a result of improvement in the deposit mix.

Non-Remunerative Deposits increased by 17 percent YoY resulting in the share of Non-Remunerative in Total Deposits increasing to 36 percent from 30 percent in the same period last year.

JS Bank financial performance

The Bank’s commitment to technological advancement and customer experience continued to drive digital adoption, with a 35 percent surge in mobile application usage, resulting in a remarkable 191 percent increase in transaction volume.

Furthermore, JS Bank’s digital wing witnessed a remarkable 79 percent growth in the utilization of JS BOT, a personal WhatsApp banking assistant, with over 1.1 million hits for key digital services.

In addition, the Bank’s fintech offering, Zindigi, catered to an ever-increasing user base of 3.6 million active customers with a 57 percent increase in transaction volume in the first half of the year.

The growth comes as a result of continuous innovative offerings including digital payments and loans, stocks and mutual funds, and a premium debit card proposition.

From the product standpoint, more than 7000 credit card customers were acquired so far this year, which was aided by the introduction of instant cashback in four categories; fuel, grocery, utilities, and education.

This caused an exponential impact on the card proposition and increased the spending by 61 percent, resulting in a growth of 18 percent in ENR (end-net receivables) as compared to that of last year.

“The success from the first half of the year is a testament to our customers’ trust and the unwavering commitment and dedication of our teams. We remain committed to setting high standards as we pursue our vision of leadership in Pakistan’s financial services landscape,” the Bank’s President and CEO, Basir Shamsie, commented.

Committed to its role as a catalyst toward Pakistan’s prosperity, JS Bank remains focused on its mission to innovate and expand. By offering a blend of conventional and cutting-edge digital financial solutions, the Bank is well-positioned to continue its positive impact in the coming years.

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