To become the bank’s main shareholder, JS Bank intends to increase its stake in BankIslami by more than 51%. In this respect, the bank has filed a public statement of intention to buy more than 51% of the shares under the Securities Act of 2015 and the Listed Companies Regulations of 2017, through its manager to offer, Next Capital Limited, according to a stock filing.
The parent business of JS Bank, Jehangir Siddiqui & Co. Limited, also controls 21.26 percent of the firm’s shares, giving the group a total ownership stake of over 28 percent in BankIslami.
The year 2021 turned out to be fruitful for the bank. The bank reported Rs. 2209 million in earnings before tax in its 2021 financial reports. This was a rise of Rs. 186 million over the previous year when the bank’s profit before taxes was Rs. 2023 million.
In addition, JP Morgan awarded JS Bank the 2021 USD Clearing Elite Quality Recognition Award for Outstanding Achievement.
Amin Khowaja, CEO of JP Morgan, gave the award to Basir Shamsie, President and CEO of JS Bank, during a recent ceremony held at the Karachi headquarters of the bank.
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