BankIslami profits surged to over Rs. 1 billion in 2019.
The bank profits of Rs. 1.103 billion, which is 241% higher than its profits of Rs. 323 million in 2018.
This is the second-highest profit reported by the bank in its history. Its previous record was Rs. 1.56 billion in 2017 but it suffered in 2018 due to hackers who stole up to $6.1 million from its reserves.
The banks made a swift recovery under its new President and CEO Syed Amir Ali, who was appointed in late 2018 and dealt with challenges to lead the bank from loss in profit to growth in profitability.
BankIslami has reaped benefits of the prevailing opportunities in the banking industry including its earning through higher spread and handsome margins from the investment of Energy Sukuk, Bai Muajjal transactions and other investment issues.
During the period under review, BankIslami continued to grow on the strength of its effectively managed branch network, with active participation by all regions across the country which assisted the Bank in attaining robust growth in the balance sheet.
The bank earning per share increased to 1.08 from 0.329. Its assets grew to Rs. 284 billion by the end of 2019.
BankIslami aggressively introduced its technological innovation through cardless and paperless banking. It also attracted huge deposits from the customers through its double-digit profit rate on term deposits.