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JS Bank’s 1H profits rise

September 03, 2020

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

The increase in profit is mainly due to a 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, it added.

The break-up value per share of the bank as of June 30, 2020 was Rs15.6 with an earnings per share of Rs0.66 for the half-year ended June 30, 2020.

“We have witnessed a significant increase in the half-yearly 2020 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 Hasan Shahid, chief financial officer of JS Bank. With the banking industry facing continued challenges due to the economic and financial impact of COVID-19, the bank’s strategy is based on a continuous process of identifying new opportunities that enable business enhancement, the statement said.

The bank strives to fulfill customer needs through innovative products and services, strong alliances, and automation of service delivery.

Committed towards its role as a catalyst towards the progress and prosperity of Pakistan, the JS Bank is continuing its journey of success through shared value creation, it added.