JS Bank Reports Massive Rs. 24.72 Billion Profit before Tax for First 9 Months-2024

JS Bank Reports Massive Rs. 24.72 Billion Profit

Karachi, October 28, 2024JS Bank has announced strong financial results for the nine months ending September 30, 2024, with impressive growth across key performance metrics. The bank posted a standalone profit before tax of PKR 6.21 billion, a notable 33% increase from the same period last year. Profit after tax reached PKR 3.10 billion, marking a 34% year-on-year growth.

Earnings per share (EPS) on a standalone basis stood at PKR 1.51 for 9MFY24, compared to PKR 1.63 in the previous year, due to an increased weighted average number of shares over the period.

On a consolidated basis, the bank achieved a profit before tax of PKR 24.72 billion, reflecting a remarkable 147% growth, and a profit after tax of PKR 12.71 billion, an 83% increase compared to the same period last year. Consequently, consolidated EPS rose to PKR 4.94, up from PKR 4.74 in 9MFY23.

In addition to these record earnings, JS Bank has reached a significant milestone in its deposits portfolio. The bank surpassed PKR 1 trillion in total deposits, closing 9MFY24 at PKR 1.07 trillion, bolstered by a strong finish to 2023.

“At JS Bank, our commitment to growth is rooted in understanding and addressing the evolving needs of our customers,” said Basir Shamsie, President and CEO of JS Bank. “We are focused on exploring new opportunities to enhance our services, ensuring each step forward delivers real value for our clients. This performance underscores our dedication to creating a lasting impact for all stakeholders, and we are grateful for their continued trust and support,” he added.

JS Bank’s strategic growth and dedication to serving customer needs signal ongoing strength in Pakistan’s banking sector, with the bank well-positioned for sustained progress in the quarters ahead.

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