KARACHI: In the year 2023, BankIslami has marked a momentous chapter in its journey. Notably, it has secured an impressive development in its long-term entity rating by PACRA, now proudly rated as \u2018AA-\u2019 (AA minus). Furthermore, the Bank has posted an astounding after-tax profit of Rs. 8.47 billion for the nine-month period that ended on September 30, 2023. Furthermore, for our valued shareholders, we\u2019re thrilled to announce the distribution of dividends during this interim period, reaffirming our unwavering commitment to rewarding the trust and investment of our shareholders. The Bank\u2019s 17.5% interim cash dividend announcement coincides with a record 197% surge in profit after tax, reaching Rs. 8.47 billion. Despite notable growth, the Bank\u2019s commitment to financial excellence remains steadfast amidst challenging market conditions. Notably, the Bank exhibited impressive cost efficiency, evident in the reduced cost-to-income ratio of 38.14% during the period, compared to 52.74% in the same period last year. The Bank\u2019s net assets surged by 23.6% due to a strategic allocation of excess liquidity into secured investments. This move propelled the investment portfolio from Rs. 179.74 billion in December 2022 to Rs. 276.16 billion in September 2023, marking a healthy growth of 53.6%. Simultaneously, the Bank\u2019s financing portfolio experienced a modest 1.2% growth, influenced by the current economic climate, high policy rates, and stringent regulatory measures on consumer financing.
\nIn the face of ongoing challenges in the country, the Bank prudently established a robust buffer of provision, taking coverage against the delinquent portfolio to 102% by the end of the nine-month period, and acting as a shock absorber.
\nThe Bank also saw an 11.1% rise in total deposits, maintaining a favorable CASA mix of 61%. Bolstered by heightened profitability and an improved credit risk profile, the Bank\u2019s Capital Adequacy Ratio (CAR) reached an impressive 22.42%, well above the regulatory threshold of 11.50%.
\nMoving forward, the Bank aims to strengthen its growth trajectory by expanding its deposit base, further growing its footprint that has now crossed 400 branches, and enriching the customer experience through focused technological advancements and an extended digital impression.<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI: In the year 2023, BankIslami has marked a momentous chapter in its journey. Notably, it has secured an impressive development in its long-term entity rating by PACRA, now proudly rated as \u2018AA-\u2019 (AA minus). Furthermore, the Bank has posted an astounding after-tax profit of Rs. 8.47 billion for the nine-month period that ended on […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-364355","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n