BankIslami reports Rs12bn profit for 2024

February 27, 2025 (MLN): BankIslami Pakistan Limited (PSX: BIPL) has announced its financial results for the year ended December 31, 2024, reporting a profit after taxation of Rs12 billion, marking an 11% increase from Rs10.6bn in 2023.

The board of directors has approved a final cash dividend of Rs1.25 per share (12.5%), in addition to the interim cash dividend of Rs1.5 per share (15%) already disbursed.

The bank’s earnings per share also improved to Rs10.6733 from Rs9.57 in the previous year.

The bank's total income surged by 17% to Rs51bn, up from Rs43.5bn in 2023.

This growth was fueled by a 21.6% rise in profit/return earned, which stood at Rs113bn, compared to Rs92.7bn in the previous year.

Meanwhile, profit/return expenses also increased by 26% to Rs66.4bn.

BankIslami’s fee and commission income saw a significant boost of 27%, reaching Rs2.3bn, while foreign exchange income grew by 5.6% to Rs1.3bn.

Additionally, the bank recorded a net gain on securities amounting to Rs701mn, reflecting a remarkable increase of 157.7% from the previous year.

Operating expenses rose sharply by 37% to Rs22bn, while other expenses, including workers' welfare fund and other charges, reached Rs22.7bn, representing an increase of 37%.

Despite these rising costs, the bank managed to achieve a profit before taxation of Rs25.5bn, an improvement of 27% from Rs20bn in 2023.

The taxation expense for the period amounted to Rs13.7bn, marking a 44.5% increase compared to Rs9.5bn in the previous year.