BankIslami acquires 32-storey tower in Karachi
BankIslami Pakistan Limited has acquired KASB Altitude, a 32-storey commercial building, in Karachi, which it shall use as office premises.
However, the bank did not disclose the financial details of the acquisition in its notice to the Pakistan Stock Exchange (PSX) on Tuesday.
'Pursuant to satisfactory due diligence, obtaining the requisite approvals, structural testing and consents, completing the necessary formalities, and execution of appropriate contracts, the Bank has successfully acquired KASB Altitude, a strategically located 32-storey commercial building in Clifton Block 1, Karachi, for the Bank's office premises,' read the notice.
The purchase comes on the back of a strong financial performance by the bank.
In 2024, BankIslami posted a record-breaking 24.4% rise in pre-tax profit to Rs25.5 billion, reinforcing its stature in Pakistan's Islamic banking sector. Despite economic volatility and shifting regulatory conditions, net profit rose 7.1% to Rs11.8 billion.
At the time of filing, shares of BankIslami were trading at Rs20.27, reflecting an increase of Re0.07 or 0.35% on the PSX.
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