Latest news with #BasirShamsie
Business Recorder
28-04-2025
- Business
- Business Recorder
JS Bank reports Rs2.74bn profit before tax for Q1 2025
KARACHI: JS Bank has reported an unconsolidated Profit Before Tax of PKR 2.74 billion, while Profit After Tax stood at PKR 1.29 billion for the first quarter ended March 31, 2025. The Bank Earnings per share for the period were PKR 0.63, compared to PKR 0.84 in the same quarter last year. Despite significant reduction in the regulatory policy rate year-on-year, the Bank delivered steady growth in its core earnings. Net interest income increased by 5 percent year-on-year; to PKR 7.43 billion, while total revenue for the quarter reached PKR 10.61 billion. Core fee income also showed strong momentum, rising 19 percent year-on-year to PKR 1.31 billion. The growth in core earnings was primarily driven by an improvement in average non-remunerative deposits and volumetric expansion across the balance sheet. Operating expenses remained well-managed with a modest 13 percent year-on-year increase. The Bank's coverage ratio improved to 72.4 percent, compared to 70.7 percent at year-end December 31, 2024. On a year-on-year basis, the Bank's average non-remunerative deposits grew by PKR 22 billion. As of March 31, 2025, period-end non-remunerative deposits stood at PKR 179.95 billion, representing 34 percent of the deposit mix. The Bank's total assets increased to PKR 670 billion, up from PKR 636 billion at year-end 2024. The net investment portfolio grew by 19 percent to PKR 361 billion, while customer deposits rose to PKR 534 billion. Net advances stood at PKR 193 billion, reflecting a prudent lending approach. On a consolidated basis, the Bank posted a Profit Before Tax of PKR 7.49 billion and a Profit After Tax of PKR 3.10 billion. Consolidated earnings per share were reported at PKR 1.18. Basir Shamsie, President and CEO of JS Bank, said 'Our performance this quarter reflects the strength of our strategy and our continued focus on delivering value to our customers. As we move forward, we're focused on scaling our impact through innovation, expanding access to financial services, and supporting the country's economic progress.' Copyright Business Recorder, 2025
Business Recorder
22-04-2025
- Business
- Business Recorder
JS Bank, Instant Cash partner for launch of ‘JS GharPay'
KARACHI: JS Bank is partnered with Instant Cash to launch Pakistan's First Door-to-Door Remittance Service, 'JS GharPay'. This innovative offering ensures beneficiaries receive remittances directly at their doorstep, providing convenience, reliability, and security-all free of charge. The JS GharPay service removes the need for beneficiaries to visit bank branches or agent locations, addressing a key challenge for recipients, especially in remote or rural areas. By delivering remittances directly to homes, the service saves time, reduces transportation costs, and enhances financial access for underserved communities. The service was introduced at a launch event attended by leadership teams from JS Bank, and Instant Cash, including Basir Shamsie, President & CEO of JS Bank, Syed Jafar Raza, Group Head - Investment, International & Transactional Banking at JS Bank, Nasir Hussain, Head- International Home Remittances at JS Bank along with, Usman Bin Raees, COO of Instant Cash. Speaking at the launch President & CEO JS Bank Basir Shamsie said that JS Bank is committed to introducing innovative solutions that address the needs of our customers. 'With JS GharPay, in partnership with Instant Cash, we are setting a new standard for remittance services in Pakistan. This service ensures a safe, reliable, and convenient way for families to receive funds, particularly in areas where access to financial services is limited,' he added. Usman Bin Raees, COO of Instant Cash, commented, 'At Instant Cash, we are committed to enhancing financial inclusion through our global network and innovative solutions. Partnering with JS Bank for 'GharPay' strengthens financial access for beneficiaries and promotes legal remittances by combining competitive exchange rates with the convenience of home delivery.' JS Bank plans to scale the JS GharPay service nationwide, reinforcing its commitment to customer-centric solutions and financial inclusion. Instant Cash, a company within the FINTX portfolio and a global money transfer brand, brings its expertise in secure and efficient cross-border payments to this partnership. Copyright Business Recorder, 2025
