JS Bank earns Rs18.3bn profit before tax in 2023

KARACHI: JS Bank earned a consolidated profit before tax of Rs18.3 billion in 2023, eight times higher than the previous year, and unconsolidated profit before tax of Rs8.5 billion, four times higher as compared to the previous year.

JS Bank announced its financial performance for the year 2023, saying, owing to customer-first approach, JS Bank achieved remarkable growth across key financial indicators, solidifying its position as one of the fastest growing financial institutions in the country.

The bank’s consolidated earnings per share (EPS) grew to Rs5.99 and unconsolidated to Rs2.75.

Moreover, the bank’s consolidated deposits grew to over Rs1 trillion, and unconsolidated deposits increased to Rs486 billion. JS Bank’s consolidated total assets reached Rs1.2 trillion and unconsolidated total assets Rs589 billion.

Commenting on the bank’s performance, Basir Shamsie, President & CEO, said, “We are happy to announce JS Bank’s financial performance for 2023. Our growth reflects the trust that our customers and shareholders have placed in us. Our teams are dedicated to navigating the dynamic market conditions and remain steadfast in our commitment to delivering top-quality products and services to our customers, shareholders and the communities at large.”

One of the biggest highlights from 2023 was the successful acquisition of BankIslami Pakistan Limited (BIPL). While both banks remain independent and true to their core conventional and Islamic banking domains, this strategic decision allows JS Bank to offer a diversified portfolio of products and services to a wider customer base through a greater number of touchpoints.

In 2023, JS Bank’s foreign trade volume grew by more than 80 percent while the bank also successfully on boarded some of Pakistan’s most well-known local and multinational corporates. Moreover, 80 percent of the bank’s brick-and-mortar branches are now equipped with a digital account opening feature, while the digital customer base has increased by 46 percent from the previous year. Downloads of Zindgi, JS Bank’s digital banking platform, also soared to 10 million, and 4.8 million accounts were opened. In addition, Zindigi also stood out for offering AI-driven micro-lending and comprehensive Raast P2M services.

Committed to its role as a catalyst toward Pakistan’s prosperity, JS Bank aspires to continue its journey of impact by providing innovative conventional and digital financial solutions for customers in the years to come.