JS Bank net profit up 33.2 percent

JS Bank Limited posted profit before tax of Rs1,283.9 million and profit after tax of Rs754.9 million for the half year ended June 30, 2016. These amounts are higher than the corresponding period last year by 36.5 percent and 33.2 percent, respectively. The board in its 69th meeting held on August 25, 2016 approved the bank’s half yearly financial statements.

During the six months period, deposits grew by 25.2 percent, closing at Rs177.5 billion compared to Rs141.8 billion posted in December 2015. Net Advances closed at Rs79.8 billion, up 4.1 percent from Rs76.7 billion in December 2015. The bank’s net assets (including surplus) stood at Rs16.4 billion as of June 30, 2016.

JS Bank continues to grow its market share in terms of deposits, advances, ADC, bancassurance and home remittance. During Q2-2016, the bank has taken further initiatives to enhance its service delivery and delivery and distribution, including the roll out of dedicated sales forces for consumer liabilities and consumer assets.

On the asset side, the focus remained on prudent expansion in advances and growing fee income streams. With a network of 277 branches across 138 cities and one overseas (wholesale) branch in Bahrain, JS Bank is well- positioned to record impressive growth in core and ancillary revenues in 2016 and beyond.