ISLAMABAD, Mar 05 (EPI): JS Bank Limited continued to strengthen itself through sustainable growth and innovative financial solutions, solidifying its position as one of the fastest-growing banks in the country. As a result, JS Bank recorded a consolidated Profit Before Tax (PBT) of PKR 30.7 billion for the year2024 as compared to PKR 18.7 billion for the year 2023, showing a growth of 64%.Whereas on a standalone basis, the PBT stood at PKR 6.4 billion for the same year.<\/p>\n
The bank\u2019s profitability, based on the consolidatedfinancial statements, was driven by an 87.2% surge in net mark-up\/interest income, which reached PKR73.9 billion compared to PKR39.5 billion last year. The increase was coupled by a 67.8% rise in mark-up\/interest earned, amounting to PKR221.5 billion and optimization of funding pool to containthe increase in interest expense at a level of 59% YoY.<\/p>\n
Additionally, non-markup income contributed significantlyrising by 23.3% to PKR 16.28 billion, with Fee and Commission income increase by 52% YoY to reach at PKR 8.98 billion (2023: PKR 5.97 billion), and a 288.64% increase in gains on securities.<\/p>\n
The Earnings per Share (EPS) stood at PKR5.03, based on consolidated financial statements, and on a standalone basis at PKR1.39. However, as compared to the last year,the consolidated EPS declined by 16.17% to PKR 5.03 from PKR 6, primarily due to the impact of increased taxation.<\/p>\n
Moreover, the Bank\u2019s consolidated deposits stood over PKR 1.1 trillion, and on a standalone basis, the deposits were at PKR 525 billion.<\/p>\n
JS Bank continues to strengthen its position in the banking sector with a focus on sustainable growth and innovation through its aggressive approach in SME investments, women-empowering products, and Green Financing (including public driven solar schemes). The Bank\u2019s consolidated network expanded by over 120 branches across Pakistan, which has increased touch points for customers.<\/p>\n
The Bank is delivering value to its stakeholders and contributing to the sustainable economic development of Pakistan.<\/p>\n