BankIslami wipes off all its accumulated losses
Karachi, September 03, 2012 (PPI-OT): BankIslami Pakistan Limited announced its half yearly results today by reporting a profit after tax of Rs. 229 million. The Bank continued its upward trajectory by registering a growth of 22.6% in deposits, 21.6% in assets and 80.1% increase in earning per share. The Bank also commenced its network expansion after 3 years of consolidation with a target to take the network to 200 by end of 2013.
The significant feature of this impressive financial performance is BankIslami becoming the first start-up Bank to clear all its accumulated losses. When in beginning 2003, State Bank started issuing new commercial banking licenses and allowing conversion of foreign banking operations into local Banks at least 10 new Banks came to the market with four on the Islamic side. What is impressive about BankIslami’s performance is that it has not only become the first start-up to clear all its accumulated losses but also went on to build one of the largest networks among these start-ups comprising of more than 110 branches covering 54 cities in Pakistan.
Commenting on the results, the CEO of BankIslami, Mr. Hasan A Bilgrami said: We are obviously pleased with our performance and look to the future with greater optimism. Specifically, we would like to be one of the top ten Banking networks in the next few years significantly increasing our market share in the Islamic Banking segment and Banking industry on the whole.”
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