BankIslami Pakistan Limited (‘the Bank’ or ‘Bankislami’) announced its financial results for the year ended December 31, 2021. Year 2021 proved to be a successful year for the Bank wherein the Bank not only crossed Rs. 300 billion landmark in Deposits by closing its Deposit book at Rs. 344.8 billion as at Dec 31, 2021, depicting a growth of 21.6pc from last year, but it also crossed deposit per branch benchmark of Rs1 billion at the end of the year 2021. Moreover, the Bank also posted its highest ever profit after tax of Rs2.13 billion. Vis-à-vis last year, BankIslami’s deposit base grew by 21pc in 2021, which was mainly attributable to its aggressive deposit mobilization strategy pursued by the Bank to amplify its Current Account (CA) deposits. CA Deposit of the Bank went up by 36.9pc and closed at Rs. 130.6 Bn, which in turn also elevated Bank’s CA composition to 37.9pc at Dec 2021 from the level of 33.6pc at Dec 2020. With improvement in its deposit base, earning assets of the Bank also showed healthy growth whereby funded exposure was increased by means of financing to Corporate and Consumer segment and growth in Investment portfolio. Consequently, Islamic Financing of the Bank increased by 39.2pc whereas Investments registered growth of 31.1pc. On account of increase in overall financing and endeavors made towards recoveries from delinquent portfolio, infection ratio of the Bank reduced to 8.7pc with a coverage ratio of 85.1pc at the end of Dec 2021 as compared to infection and coverage ratios of 12.1pc and 82.7pc respectively at the end of Dec 2020. Despite decline in spreads on account of time-lag in repricing of floating rate assets, and increase in operating expenses of the Bank attributable to growth in business volumes and inflationary impact; the Bank registered increase in profitability owing to growth in deposit volumes, improvement in service based non-funded income and substantial recoveries from previously charged delinquencies. Consequently, the Bank posted its highest ever Profit after Tax (PAT) of Rs. 2,131 Mn for the year ended December 31, 2021, demonstrating growth of 25.1pc from PAT of Rs. 1,703 Mn posted during the year 2020. Going forward, the Bank remains committed towards growth in low cost deposits, financing towards both corporate & retail segments, and customer base through aggressive marketing, process improvement by leveraging technology, expanding its digital footprint, acquiring trade business, and introduction of customer centric and competitive Shariah compliant products.