BankIslami achieves 24% growth in net profit for half year 2022

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BankIslami Pakistan Limited announced its financial results for the quarter ended June 30, 2022.

For half year ended June 2022, the Bank achieved 155% increase in its operating profit before provisionsand reported Rs. 4.1 billion as compared to Rs. 1.6 billion in the same period last year. This achievement is predominately attributable to increase of 56% in net spread earned on the back of rising profit yields on asset portfolio, growth in current account depositsand increase in earning asset base of the Bank. Furthermore, operating profits also got support from increasein other income which grew by 62%, mainly because of growth in fee from digital channels & trade services, FX income and sale of non-banking assets.

BankIslami’s balance sheet remained robustwith its Deposit and Net Islamic Financing witnessing year on year (YoY) growth of 22% and 46% respectively; demonstrating the confidence of customers and other stakeholders inthe Bank’s service levels.

Owing to Bank’s focused and aggressive strategy towards acquisition of low cost deposits, Current Account (CA) deposits depicted a healthy YoY rise of 31.4% with CA mix in total deposits improving from 38% in Jun’21 to 41% in Jun’22.

Funds generated through depositswere deployed towards revenue generating avenues such as financing to Corporate, Consumer, Agri& SME segments and treasury book. Consequently, in Jun’22, total assets of the Bank grew by 30% vis-à-vis Jun’21.

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