The company’s profit after tax increased by 92% to PKR 40,683 billion in CY23, compared to PKR 21,194 billion in CY22. In 9MCY23, the company’s profit after tax rose by 25% to PKR 35,691 billion, compared to PKR 21,194 billion in 9MCY22. Net Interest Income (NII) for the nine months ended stood at PKR 90,157 million, reflecting an 11% increase.
During the year, the bank expanded its network by opening 32 conventional branches and 148 Islamic Banking Windows, bringing the total to 1,506 branches, including 308 Islamic Banking Windows. Total assets reached PKR 2,624 billion, marking a 13% growth.
The bank deployed 2,433 POS machines during the year, facilitating over 1.4 million successful transactions amounting to PKR 9.4 billion.
Net advances stood at PKR 848 billion as of September 30, 2024, reflecting an 8% increase compared to PKR 782 billion as of December 31, 2023.
The CASA ratio as of September 2024 was 82%, while total deposits stood at PKR 1,926 billion, a 15% increase aligned with the industry growth rate of 13%.
The bank’s Capital Adequacy Ratio (CAR) stood at 32.43% as of September 2024, significantly above the industry CAR of 20.0% as of June 2024.
The investment portfolio primarily comprises PIB’s worth PKR 1.067 trillion and market treasury bills amounting to PKR 164 billion. Gross advances stood at Rs. 862 billion, with a gross ADR ratio of 44.7%.
The management stated that a committee on ADR has been formed and is currently under discussion between bank CEOs and the State Bank of Pakistan (SBP), with anticipated outcomes by December 31, 2024.
For the next year, the management anticipates a 10-14% markto-market gain on securities.
Going Forward, the management expects that declining inflation may lead to a reduction in interest rates, which could put pressure on the bank’s income in the coming year.
Important Disclosures
Disclaimer: This report has been prepared by Chase Securities Pakistan (Private) Limited and is provided for information purposes only. Under no circumstances, this is to be used or considered as an offer to sell or solicitation or any offer to buy. While reasonable care has been taken to ensure that the information contained in this report is not untrue or misleading at the time of its publication, Chase Securities makes no representation as to its accuracy or completeness and it should not be relied upon as such. From time to time, Chase Securities and/or any of its officers or directors may, as permitted by applicable laws, have a position, or otherwise be interested in any transaction, in any securities directly or indirectly subject of this report Chase Securities as a firm may have business relationships, including investment banking relationships with the companies referred to in this report This report is provided only for the information of professional advisers who are expected to make their own investment decisions without undue reliance on this report and Chase Securities accepts no responsibility whatsoever for any direct or indirect consequential loss arising from any use of this report or its contents At the same time, it should be noted that investments in capital markets are also subject to market risks This report may not be reproduced, distributed or published by any recipient for any purpose.
