Maintaining its growth momentum, BankIslami delivered an impressive return for its shareholders, with a remarkable 99% surge in its profit before tax for the first quarter of 2024.
The Bank’s profit before tax reached Rs. 6.3 billion, with a post-tax profit of Rs. 3.2 billion, representing a growth of 79.2%. Despite adverse market conditions, the Bank remains committed to financial excellence. Prominently, it demonstrated magnificent cost efficiency, as evidenced by the reduced cost-to-income ratio of 43.1% during the period, compared to 47.9% in the same period last year.
BankIslami strategically expanded its investment portfolio and grew its financing portfolio despite navigating through ongoing economic uncertainty. Consequently, the investment portfolio reached Rs. 332.2 billion, while the financing portfolio was at Rs. 253.6 billion showing an improvement in infection ratio to 8.2% from 9.0% in December 2023.
The infection ratio of Islamic portfolios (i.e. excluding conventional portfolios inherited from combined entities) also improved from 6.9% in December 2023 to 6.3% in March 2024.