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Another milestone for JS Bank as deposits reach monumental $2.3 Bn mark

Growing from strength to strength, the bank’s continuous rise in deposit base and accounts reflects the highest standards of service and satisfaction experienced by an ever-increasing customer base.

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JS Bank, one of the fastest-growing financial institutions in Pakistan, recorded another milestone with its deposit base reaching the Rs 400 billion (approx. USD 2.3 Billion) mark.

The Bank is part of JS Group, one of Pakistan’s most diversified and progressive financial services groups.

JS Bank spearheading SME and Consumer banking space

Acknowledged as one of Pakistan’s largest SME banks and mortgage providers offering diverse individual and institutional banking solutions.

“Deposit growth is a key indicator of customer confidence and financial stability”, said Basir Shamsie, President and CEO – JS Bank. “It is the support and patronage of our clients that has enabled us to scale so rapidly despite our relatively short time in the market.”

Read more: JS Banks takes the lead in SBP Rozgar Finance Scheme

Growing from strength to strength, the bank’s continuous rise in deposit base and accounts reflects the highest standards of service and satisfaction experienced by an ever-increasing customer base.

Performance matters – JS Bank bags international awards

JS Bank has been recognized by the State Bank of Pakistan as the best performer under the Rozgar Refinance Scheme, a concessional credit scheme for SME’s that ensure zero job layoffs. The Bank is also driving entrepreneurship amongst women and differently-abled persons through the provision of targeted lending facilities.

A review of data indicates that five banks together constitute more than 61 percent share of overall approved financing amount under the Risk Sharing Facility (RSF) with JS Bank Limited at the top, followed by HBL and Bank Al‐Habib.

Read more: SBP initiative allows hassle-free remittance collection from JS Bank

Earlier this year, JS Bank won ‘Best Bank for SMEs’ and ‘Best Bank for CSR’ awards at the Asiamoney Awards 2020, as well as the Best Bank for SME (Pakistan) at the Asian Banking and Finance Awards.

Leading the coronavirus recovery efforts

Committed towards its role as a catalyst towards the progress and prosperity of Pakistan, the Bank hopes to continue this journey of impact by providing a variety of innovative conventional and digital solutions in the years ahead.

JS Bank is also a responsible corporate citizen and has been at the forefront of relief activities during the current pandemic. Playing its role in facilitating the nation and its institutions to fight the coronavirus pandemic, JS Bank has introduced financing of up to Rs 200 million to hospitals and medical centres for the purchase of equipment to detect, contain and treat patients infected by COVID-19.

Read more: Did JS bank really increase its profits by 1000%?

Under this State Bank-designed scheme, all medical centres registered with federal or provincial health governing bodies, engaged in the control and eradication of COVID-19, will be eligible to avail the credit line at a minimal mark-up rate of only 3% per annum for a duration of five years.

Additionally, as a response to COVID-19, JS bank again took the lead as a responsible corporate citizen and deployed a fund with Rs 110 million to combat the pandemic. The three-tiered strategy revolved primarily on providing immediate relief, pandemic control, and future response capacity building.

JS Bank is one of the fastest-growing banks in Pakistan, with 360 branches in 180 cities including one international branch. It is a leader in the digital banking, SME & consumer loans space.

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