Karachi: The Pakistan Credit Rating Agency Limited (PACRA) has maintained its rating for JS Bank Limited, reflecting the bank's solidified position following a majority stake in BankIslami Pakistan Limited. With a market share of 4% in customer deposits, JS Bank is recognized as one of the fastest-growing financial institutions in the country.

JS Bank's embrace of technology through its digital services, especially the "Zindigi" platform, has significantly contributed to its growth. The platform saw a substantial increase in activity, with throughput rising by 42% to PKR 206 billion, deposits reaching PKR 6.7 billion, and downloads growing by 31% to 12.3 million in the 2024 calendar year.

The bank's gross performing advances increased to PKR 226.4 billion, primarily due to demand in the individual, financial, and textile sectors. However, the bank's gross non-performing loans rose to PKR 21.3 billion, increasing the infection ratio to 8.6%.

JS Bank's investment strategy is heavily weighted towards government securities, favoring floating-rate instruments. The bank's deposit base grew to PKR 525 billion, reflecting improved customer acquisition and retention. By the end of 2024, the bank's equity stood at PKR 43.7 billion with a capital adequacy ratio of 13.24%.

Despite a 22% increase in net markup income, non-markup income contracted due to a decline in foreign exchange earnings. Provisions also escalated, leading to a decrease in the bank's profit to PKR 2.8 billion, down from PKR 4.3 billion the previous year.

PACRA emphasized the importance of maintaining asset quality, diversifying income streams, and upholding strong governance to sustain the bank's ratings.