JS Bank expanded its shareholding in BankIslami by 7.7% by purchasing 86.3 million ordinary shares from its sponsor Emirates NBD Bank PJSC.
According to a stock filing made to the Pakistan Stock Exchange (PSX), “JS Bank Ltd. has acquired 86,316,964 ordinary shares (representing 7.79 percent of the assets) of BankIslami Pakistan Ltd. from Emirates NBD Bank PJSC in compliance with the clearance granted by State Bank of Pakistan”.
Already, JS Bank and BankIslami have been affiliated businesses for so long. The parent company of JS Bank, Jahangir Siddiqui and Company Ltd, already owned 235 million shares of BankIslami or 21.26 percent of the company.
According to the website, Emirates NBD Bank PJSC once controlled 144 million shares or 13% of BankIslami. Other shareholders include the Randeree Family, who own 14.25 percent of the company, and Ali Hussain and SAJ Capital Management Ltd., who hold 24.37 percent of the shares.
For the first nine months of 2022, the bank declared revenue of Rs. 2.85 billion, which is 53.7% more than the profitability ratio for the same time in 2021. The bank’s deposits increased to Rs. 388.1 billion, a growth of 25.5 percent since September 2021 and 12.6 percent throughout the first nine months of 2022. JS Bank’s increased shareholding of BankIslami shares will also signify its expected future profitability.
According to today’s business filing on PSX, JS Bank Limited purchased 86.32 shares of BankIslami Pakistan Limited (PSX: BIPL) from Emirates NBD Bank PSJC on Friday.
On November 11, 2022, Emirates NBD Bank PJSC sold 86,316,954 ordinary shares to JS Bank Limited, representing 7.79 percent of BankIslami Pakistan Limited’s paid-up capital.
