BankIslami Pakistan Limited posted consolidated earnings of Rs5.1 billion for the first six months of year 2023, up over 253% from the profit-after-tax of Rs1.44 billion in the same period of the preceding year.
According to a notice sent to the Pakistan Stock Exchange (PSX) on Tuesday, earnings per share clocked in at Rs4.6 for the six-month period. The Board of Directors also announced a nil cash dividend for the half year ended June 30, 2023.
The increase in profit was led by sharp spike in profit/return earned on Islamic financing and related assets, investments and placements.
The net profit/return rose from Rs7.92 billion in 6MCY22 to Rs16.65 billion in 6MCY23, a robust increase of over 110%.
The fee and commission income earned by BankIslami in 6MCY23 amounted to Rs797.91 million, a 9% increase against Rs729.15 million earned in the same period last year.
The dividend income of the firm inched up from Rs12.56 million in 6MCY22 to Rs27.34 million in 6MCY23.