The BankIslami Pakistan Limited Board of Directors has approved the bank’s financial results for the half-year ended June 30, 2019.
During the period under review, the bank generated operating profit before provisions to the tune of Rs1.78 billion which is 13.7 times higher than numbers reported for the same period last year.
The surge in operating profits was mainly attributable to an overall increase in net revenue of the bank by 63.6pc as compared to HY2018. The cost to income ratio has reduced to 66.8pc during HY2019 as compared to 96.3pc in HY2018.
Adopting a conservative approach, the bank has booked accelerated provisions against Islamic financing and other assets and posted a profit after tax of Rs531 million for HY2019 which is over 8 times higher than profit after tax of Rs65 million for HY2018.