JS Bank Records 64% Growth in Profit Before Tax for 2024

JS Bank Limited continued to strengthen itself through sustainable growth and innovative financial solutions, solidifying its position as one of the fastest-growing banks in the country. As a result, JS Bank recorded a consolidated Profit Before Tax (PBT) of Rs. 30.7 billion for the year 2024 as compared to Rs. 18.7 billion for the year 2023, showing a growth of 64 percent. Whereas on a standalone basis, the PBT stood at Rs. 6.4 billion for the same year. The bank’s profitability, based on the consolidated financial statements, was driven by an 87.2 percent surge in net markup/interest income, which reached Rs. 73.9 billion compared to Rs. 39.5 billion last year. The increase was coupled with a 67.8 percent rise in markup/interest earned, amounting to Rs. 221.5 billion, and optimization of the funding pool to contain the increase in interest expense at a level of 59 percent YoY. Additionally, non-markup income contributed significantly, rising by 23.3 percent to Rs. 16.28 billion, with Fee and Commission income increasing by 52 percent YoY to reach Rs. 8.98 billion (2023: Rs. 5.97 billion) and a 288.64 percent increase in gains on securities. The Earnings per Share (EPS) stood at Rs. 5.03, based on consolidated financial statements, and on a standalone basis at Rs. 1.39. However, as compared to the last year, the consolidated EPS declined by 16.17 percent to Rs. 5.03 from Rs. 6, primarily due to the impact of increased taxation. Moreover, the Bank’s consolidated deposits stood over Rs. 1.1 trillion, and on a standalone basis, the deposits were at Rs. 525 billion. JS Bank continues to strengthen its position in the banking sector with a focus on sustainable growth and innovation through its aggressive approach in SME investments, women-empowering products, and Green Financing (including public-driven solar schemes). The Bank’s consolidated network expanded by over 120 branches across Pakistan, which has increased touch points for customers. The Bank is delivering value to its stakeholders and contributing to the sustainable economic development of Pakistan.