JS Bank posts Rs1.47bn profit before tax for 1H2020

JS Bank has reported a turnaround in its profitability by posting a profit before tax of Rs1,472 million for the half-year ended June 30, 2020, as compared to a loss before tax of Rs597 million over the corresponding period last year.

The increase in profit is mainly due to remarkable growth in the bank’s deposits, which crossed Rs400 billion resulting in improvement in net interest income and an upswing in fee-based income. The break-up value per share of the bank as of June 30, 2020, was Rs15.6 with earnings per share of Rs0.66 for the half-year ended June 30.

“We have witnessed a significant increase in the half-yearly profits due to a dedicated focus on business growth and associated income which reflects the trust of our customers and the dedication of our teams,” said JS Bank Chief Financial Officer Hasan Shahid.

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