BankIslami’s nine-month profit surges 81pc to Rs1.76bn

The Board of Directors of BankIslami Pakistan Limited recently approved the bank’s financial results for the nine months ended September 30, 2020.

BankIslami posted a profit after tax of Rs1.76 billion for 9M2020, depicting a growth of 81pc vis-à-vis same period of last year. Similarly, operating profit of the bank has increased to Rs4.79 billion i.e. 72pc growth over 9M2019.

The growth in profit was achieved on the back of 20pc rise in Core CASA deposits, persistent growth in earning assets, along with improvement in net spreads and cost to income ratio.

Total deposit base of the bank grew by 11pc, while total assets grew by 8pc 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 its risk appetite.

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