BankIslami 9m20 profit after tax grows by 81pc.

The Board of Directors of BankIslami Pakistan Limited in their meeting held on October 29, 2020 in Karachi approved the Bank's financial results for the nine months ended September 30, 2020.

BankIslami posted profit after tax of Rs. 1.76 billion during 9M20, depicting a growth of 81% vis-a-vis same period last year. Similarly, operating profit of the Bank has increased to Rs. 4.79 billion i.e. 72% growth from same period last year. The growth in profit was achieved on the back of rise in Core CASA deposits by 20%, persistent growth in earning assets, along with improvement in net spreads and cost to income ratio. Total Deposit base of the Bank grew by 11%, while total Assets grew by 8% during the nine months of 2020. Keeping in view the credit risks emanating from COVID-19, the Bank has recorded additional provisioning so as to improve the risk appetite of the Bank.

To fortify its overall capital adequacy, the Bank successfully completed the issuance Pakistan's first ever Listed Islamic Additional Tier-I Capital Sukuk (ADT-1 Sukuk') during the current year. The instrument has been branded as 'Ehad Sukuk' which is consistent with BankIslami's commitment to offer authentic Islamic Banking products and...