JS Bank Reports Record-Breaking Financial Growth in H1 2024, Profit Soars by Over 500%
Karachi, August 29, 2024—JS Bank, one of Pakistan’s fastest-growing financial institutions, has announced its financial results for the first half of 2024, showcasing a remarkable surge in profitability and solidifying its position as an emerging powerhouse in the banking sector.
The bank reported a consolidated Profit Before Tax of Rs. 18.79 billion, reflecting an extraordinary growth of 464% compared to the same period last year. Profit After Tax surged by an impressive 511%, reaching Rs. 9.7 billion. This robust performance drove the Consolidated Earnings Per Share (EPS) to Rs. 3.87 for the first half of 2024, up from Rs. 1.22 in the corresponding period of the previous year.
On a standalone basis, JS Bank achieved a Profit Before Tax of Rs. 5.43 billion, marking a 69% increase year-on-year. Profit After Tax rose by 83% to Rs. 2.76 billion, with Earnings Per Share (EPS) climbing to Rs. 1.35, compared to Rs. 1.16 during the same period last year.
Earlier this year, JS Bank achieved a significant milestone by surpassing half a trillion rupees in total deposits, building on the strong momentum from the close of 2023. The bank closed the first half of 2024 with consolidated deposits totaling Rs. 1.1 trillion. Reflecting its robust financial health and promising outlook, PACRA has upgraded JS Bank’s long-term credit rating from “AA-” to “AA” and reaffirmed its short-term rating at “A1+” with a stable outlook.
Basir Shamsie, President & CEO of JS Bank, expressed his satisfaction with the bank’s stellar performance, stating, “We are pleased with JS Bank’s strong performance in the first half of 2024, a testament to the trust our customers place in us. Our growth is driven by our commitment to providing solutions that empower our customers to achieve greater financial independence. As we continue, our focus remains on innovation and helping our customers strengthen their overall financial well-being. We are confident in maintaining this momentum and delivering meaningful impact throughout the year.”
JS Bank remains committed to its mission of driving Pakistan’s economic prosperity by offering innovative conventional and digital financial solutions. The bank aims to continue its journey of impact, fostering financial inclusion and empowering its customers in the years to come.
