Karachi, June 12, 2020: Growing from strength to strength, JS Bank reported profit before tax of PKR 628.5 million for the quarter ended March 31, 2020 as compared to profit before tax of PKR 54.7 million over the corresponding period last year, an incredible 1000 percent increase.
Profitability showed a marked increase primarily due to markup and commission income, FCY income and gain on sale of securities. The breakup value per share of the Bank as of March 31, 2020 is PKR 13.9 with the earnings per share of PKR 0.29.
In addition, the Bank’s deposits grew to PKR 379.25 billion whereas advances level maintained at PKR 235.1 billion, during the current quarter, which reflects a continued focus of the Bank on prudent growth and core business activities. Further, investments increased from PKR 142.6 billion to PKR 183.2 billion during the same period, up by 28.5 percent.
With the banking industry facing continued challenges due to the economic and financial impact of COVID-19, JS Bank is revisiting its business strategy to cater to changing ground realities. Emphasizing WOW customer experience, the Bank is realigning itself into an agile, digital focused bank targeting well-defined target markets through a mix of innovative products and services. 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.