Key Takeaways:
• Expanding their branch network to a total of 1,221 locations by the end of this year.
• Significant growth in their all departments.
On a consolidated basis the company’s profit after tax surged by 115% to PKR 35.930 billion in CY23, compared to PKR 16.686 billion in CY22 The management highlighted that Islamic banking contributed approximately 28% to the company’s total revenue. The cost of deposits stood at 11.9%, with a spread of 3.49%. Net interest margins amounted to PKR 116.6 billion, reflecting a 37.38% YoY increase.
The current advances-to-deposit ratio is 43%, while nonremunerative deposits make up 40% of the deposit base. Additionally, the company has invested PKR 90 billion in fixed Pakistan Investment Bonds (PIBs) with maturities exceeding two years.
During the year, the company diversified its product offerings by launching a Visa Signature card and introducing cash deposit machines, with plans for further expansion in this area. They also noted that the recent State Bank of Pakistan (SBP) announcement regarding deposit rates would have minimal impact on their operations, as they are already offering competitive rates on savings accounts. Going Forward, the company plans to expand its branch network from 1,202 to 1,221 branches, comprising 945 conventional branches and 276 Islamic branches by the end of this year.
Important Disclosures
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