Bankislami posts profit after tax of Rs 973 million for 9m2019.

The Board of Directors of BankIslami Pakistan Limited ('The Bank' or 'BankIslami') in their meeting held on October 23, 2019 in Karachi approved the Bank's un-audited financial results for the nine months ended September 30, 2019.

BankIslami recorded operating profit before provisions of Rs. 2,784 million, which is 18.3 times higher as compared to Rs. 144 million generated during the same period last year. Growth of 76.5% in net spreads earned, emanating from increase in earning assets of the Bank and rise in SBP policy rate, was the main contributor in improving the bottom line. Improvement in cost to income ratio from 97.2% to 66.2% was registered during the period. Taking a prudent view, the Bank booked additional provisioning against any potential delinquencies, and posted profit after tax of Rs. 973 million for nine months ended September 30, 2019 which is 8.8 times better than PAT of Rs. 99 million recorded during the same period last year.

During the period under review, BankIslami's balance sheet depicted impressive growth despite challenges arising from prevailing economic environment. On the back of its effectively managed branch network, Bank's Deposit base grew by...