Bank Islami Results

Bank Islami achieved remarkable 255pc growth in profit after tax (PAT) during the first half of 2023, as per a press release. The first half of 2023 has marked its significance for Bank Islami, as it attained a notable milestone by securing an ‘AA-’ long-term entity rating assigned by Pakistan Credit Rating Agency. This rating upgrade acknowledges the outstanding performance the bank has consistently delivered in the recent period.

The bank unveiled its half-yearly results for 2023, showcasing robust expansion in its operational performance. Notably, the bank’s pre-tax profit for the period stands at Rs8.3bn, highlighting a remarkable surge of 208pc compared to the corresponding period last year. The post-tax profit has reached Rs.5.1bn, representing an impressive leap from the Rs1.4bn achieved in the first half of 2022, signifying a remarkable growth of 255pc.

“Apna Trike” project

LIPTON Teas and Infusions Pakistan is delighted to announce its pioneering collaboration with Bullseye Pakistan and Al Mustafa in the transformative Supreme “Apna Trike” Project, as per a press release.

This ground-breaking initiative aims to create sustainable employment opportunities while introducing Supreme Tea to underserved communities in Lahore, Faisalabad, and Multan.

The “Apna Trike” project provides purpose-built trikes to deserving individuals. They can start their trike-selling businesses, selling Supreme Tea and snacks. This encourages skill development and entrepreneurial acumen while earning and repaying through easy instalments over five years.

SC’s record profits

Standard Chartered Bank (Pakistan) Limited delivered a record profit before tax of Rs38.1bn for the first half of 2023, registering an increase of 73pc year-on-year, according to a press release. Profit after tax (PAT) grew by 132pc YoY to Rs18.8bn during the first half of the year.

Performance was driven by strong income growth, as well as continued cost and risk discipline.

Overall revenue grew by 70pc to deliver a top-line of Rs46.6bn, with positive contributions from all segments. Net interest income witnessed strong growth of 150pc YoY, driven by proactive balance sheet management, pricing discipline and higher interest rates.

Regarding liabilities, the bank’s total deposits stand at Rs726bn. Current accounts registered a strong growth of Rs83.7bn (up 25pc) from the start of the year. On the assets side, net advances remained flat, reflecting the bank’s cautious lending approach and prevailing economic conditions.

JS Bank’s financial performance

JS Bank, one of the fastest-growing banks in Pakistan, unveiled its financial performance for the first half of 2023. The report underscores a trajectory of growth across multiple financial indicators, according to a press release.

During the first half of the year, the bank recorded a significant increase of 231pc in profit before tax and 254pc in profit after tax, compared to the same period last year. The increased profitability is primarily a result of improvement in the deposit mix.

Facilitating insurance

Jubilee Life Insurance, Pakistan’s largest private sector insurance company, has signed an MOU with Telenor Pakistan, one of the country’s largest telecommunications service providers, to bring unprecedented ease and accessibility for health and life insurance services, according to a press release.

Under this collaboration, insurance products from Jubilee Life will be directly integrated into the Apollo app, Telenor’s flagship platform, which caters to a robust network of 120,000 retailers across Pakistan.

Remittance summit to be held soon

Dellsons Associates, in collaboration with leading commercial banks, will organise an international conference, Pakistan Remittance Summit, in Dubai next month to appreciate the role of overseas Pakistanis in supporting the national economy through remittances.

The conference will also educate overseas Pakistanis to utilise formal banking channels through various options available in formal channels in order to maintain their valuable contribution of sending remittances to the homeland.

Published in Dawn, The Business and Finance Weekly, August 28th, 2023