KARACHI     -   The Board of Directors of BankIslami Pakistan Limited, in their meeting held in Karachi, approved the Bank’s un-audited financial results for the nine months ended September 30, 2019.BankIslami recorded operating profit before provisions of Rs. 2,784m, which is 18.3 times higher as compared to Rs. 144m generated during the same period last year. Growth of 76.5% in net spreads earned, emanating from increase in earning assets of the Bank and rise in SBP policy rate, was the main contributor in improving the bottom line. Improvement in cost to income ratio from 97.2% to 66.2% was registered during the period. Taking a prudent view, the Bank booked additional provisioning against any potential delinquencies, and posted profit after tax of Rs. 973m for nine months ended September 30, 2019 which is 8.8 times better than PAT of Rs. 99m recorded during the same period last year.

During the period under review, BankIslami’s balance sheet depicted impressive growth despite challenges arising from prevailing economic environment. On the back of its effectively managed branch network, Bank’s Deposit base grew by 15.4% to close at Rs. 213b when compared with December 2018. In line with increase in sources, assets base of the Bank also rose by 21.9% in comparison to the assets standing at the end of December 2018. Owing to pre-emptive measures taken on the recovery side, Bank’s NPL ratio trimmed to 10.6% in September 2019 vis-à-vis NPL ratio of 11.9% as at December 2018.