The basic operating profit of Bank Islamic increased by 95.8% i.e. from Rs. 684m during 1Q21 to Rs. 1,339m during 1Q22. Based on customer base growth, increased revenue levels, and improved cost-efficiency. Regarding its balance sheet.
Bank Islamic made a strong start to the year 2022 in which it continued to improve its deposit mix and deploy liquidity towards opportunities as per profitable Shariah. As a result, the bank’s current account structure increased from 39.0% on December 21 to 40.4% on March 22. Similarly, the bank shifted its asset mix towards better-performing corporate and consumer segments in line with growing domestic demand.
The bank Islamic shifted its asset mix towards better-performing corporate and consumer segments in line with rising domestic demand. As a result, the bank’s net Islamic financing increased by 8.2%, while its treasury placements declined by 23.9%.
Due to the rise in credit books and continuous recovery efforts against exposure to corruption, the infection rate dropped from 8.7% in December 2021 to 8.1% in March 2022, with a better coverage ratio (including general supply) in March 2022. The bank booked additional provisions against its current and potential errors during 1Q22.
Bank Islamic is hoping for more profit in the coming months. The bank has struggled a lot to generate better profit throughout the year.