Karachi, April 27: JS Bank Limited (JSBL) reported deposit growth of 40 per cent amounting to Rs10.09 billion on March 31, 2007 in the three months since the bank started functioning on December 30, 2006.

A press release issued by the bank stated that a meeting of the board held on April 24 declared pre-tax profit of Rs.8.7m and an after- tax profit of Rs7.4 million for the first quarter ended on March 31, 2007. JSBL, with long-term rating of A- (Single A minus) by PACRA, is a subsidiary of Jahangir Siddiqui & Company Limited.

JS Bank Limited has been formed as a result of a merger and amalgamation between the Jahangir Siddiqui Investment Bank Limited and Pakistani operations of American Express Bank Ltd, the company release said and added that the bank also has a Primary Dealer license for government securities from the State Bank of Pakistan.

Currently, the bank is operating with four branches and has plans to extend the branch network.