While on one hand textile industry is expecting a devil dance and losses in future and One of the largest oil company Shell Pakistan is worried by its unrecoverable outstanding debts – Banking industry in Pakistani is thriving like never before.
And part of the ‘Glory story’ of banking adds another pleasing surprising shock for many analysts in market when Bank Islami Post a Rs. 409 Million in Profit, though not much from its counterparts, which reflects a growth of 800% from previous year 2010 and reduce Bank Islami’s accumulated losses Rs 145 Million from almost over half a Billion in 2010.
Bank Islami’s interest income increased by almost 50% to Rs. 5.5 Billion in financial year ending 2011. Bank’s provision for non-performing loans which were around Rs. 7 Million negative are now Rs 21 Million positive.
Despite the positive signs the only worst part of financial statement was the write offs (unpaid and now unrecoverable loans) which now stood at Rs 63 Million, up from Rs. 11 Million last year.
Bank Islami has almost Rs 59 Billion in Assets with Rs. 53 Billion in Liabilities. BankIslamis’ share price stood at Rs. 6.55 per share with 3.4 Million shares traded hands at the time of this publication.
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