BankIslami announced a final cash dividend of 10%, supplementing the interim dividend of 17.5% distributed in the fourth quarter of 2023.
BankIslami, a premier banking institution, disclosed its outstanding financial achievements for the year concluding on December 31, 2023. The bank’s after-tax profit soared to PKR 11.04 billion, indicating a remarkable year of operation. With a 97% increase in net profit and a 149% rise in profit after tax, the bank’s performance was exceptionally strong.
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In recognition of its success, BankIslami announced a final cash dividend of 10%, supplementing the interim dividend of 17.5% distributed in the fourth quarter of 2023. This results in a total cash dividend of PKR 2.75 per share for 2023, underscoring the bank’s dedication to maximizing shareholder value.
There has been a phenomenal growth in the bank’s net asset of 37.9%, due to its strategic allocation of excess liquidity into secured investments. This move propelled the investment portfolio from PKR 179.74 billion in December 2022 to an impressive PKR 314.08 billion in December 2023, marking a healthy growth of 74.7%. Meanwhile, the bank’s financing portfolio witnessed a modest growth of 14.3%, influenced by the current economic condition, high policy rates, and stringent regulatory measures on consumer financing.
Despite the challenges, BankIslami prudently established a buffer of provision, ensuring a coverage of 104.2% against the delinquent portfolio. This will act as a strong shock absorber, safeguarding the bank’s stability.
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BankIslami’s Capital Adequacy Ratio (CAR) has reached 23.79%, well above the regulatory threshold of 11.50%.
The bank also experienced a remarkable growth of 25.6% rise in total deposits, maintaining a favorable CASA mix of 62.2%. Boost by heightened profitability and an improved credit risk profile, BankIslami’s Capital Adequacy Ratio (CAR) has reached 23.79%, well above the regulatory threshold of 11.50%.
Looking ahead, BankIslami aims to strengthen its growth trajectory by expanding its deposit base and enriching the customer experience by further growing its footprint. With its extraordinary financial triumph, BankIslami is poised to continue its success story and make a significant impact in the financial industry.
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