Karachi—BankIslami Pakistan Limited has reported positive results by posting a profit before tax of Rs1,006.4 million for the nine months ended on September 30, 2016. The Bank recorded an increase of 6.87 per cent in Deposits, from the same period last year, which crossed Rs155 billion.
The Asset Base has grown significantly and closed at Rs192.8 billion denoting an increase of 6.78 per cent from the same period last year. The Bank’s deposit mix has also improved, which constituted 70.53 per cent of the Current and Saving Accounts (‘CASA’), due to which the cost of fund has declined by 154bps.
“Focus on Consumer Financing, particularly Auto Finance & Non-Funded Income, improved the bottom line of the Bank to Rs595 million as compared to Rs. 135 million for the same period last year. Key initiatives taken during the quarter include launch of mBankIslami (Bank’s mobile app), repackaged version of Auto Finance product, Diminishing Musharakah product for corporate & remittance agreement with Ria Financials Services, a globally renowned money transfer company.