Home Uncategorized In a faltering economy, JS Bank forges ahead to become the 13th...

In a faltering economy, JS Bank forges ahead to become the 13th largest bank in the country

Pakistan’s youngest lender, JS Bank is a prominent, majority-owned subsidiary of the JS group. Despite it being a recent establishment, the banking company has made a significant impact on Pakistan’s economy and finance. From providing exceptional services to its customers to producing job opportunities for young and upcoming accountants in the banking industry, JS bank plays a significant part in Pakistan’s road towards economic stability.

JS Bank

News Desk |

JS Bank is one of the youngest and major banks in Pakistan and has made great strides since it began operations in December 2006. It has successfully navigated a banking landscape fraught with various challenges and complications and pioneered many aspects of the industry: mortgage provision, mutual fund distribution and a superior scale and quality of corporate social responsibility projects set the bank apart as a stalwart of progressive banking in Pakistan.

It is becoming increasingly valuable to the public sector as the second largest provider of Prime Minister’s Youth loans and with senior ministers like Usman Dar taking specific interest in JS Bank’s Small and Medium Enterprise (SME) lending scheme that could stimulate businesses during tough times for the national economy.

The bank publishes an annual ESG report that guides policymaking in a way that is significantly ahead of its time in the Pakistani banking sector.

With 345 branches in 172 cities across Pakistan, it now holds the honor of being the 13th largest bank in the Pakistani economy and is still growing at a breakneck pace. Despite the prevailing economic situation, the bank forges ahead in both its commercial and CSR endeavors.

Read more: Kamyab Jawan: JS bank partners with UNDP to empower youth

JS Bank successfully lists Rs.2.5 billion TFC

On Monday, the bank announced the roaring success of its first perpetual term finance certificate (TFC) worth Rs.2.5 billion. Listed on the Pakistan Stock Exchange, the TFC was fully subscribed to in less than 4 weeks. The “A” rating of the TFC is indicative of the high quality of the investment.

JS Bank’s Small and Medium Enterprise (SME) lending scheme that could stimulate businesses during tough times for the national economy.

During a time when the national economy is rife with uncertainty, the success of the TFC is emblematic of the confidence that people have in the continued success of JS Bank. With interest rates at an all-time high of 13.25% and with investor confidence at an all-time low, raising such a vast sum of money in a limited time frame is no small feat.

Successfully issuing this instrument will assist in sustaining the bank’s growth during a harsh spell for the global and national economy. Basir Shamsie, President and CEO of the bank, said “The successful listing of our first TFC in a very short period of time is indicative of the industry’s confidence in JS Bank’s potential and future outlook.”

Read more: Embracing market trends: JS Bank explores innovative communication

JS Bank’s unwavering commitment to CSR

The vast resources and institutional support that JS Bank continues to provide to CSR in a challenging economic environment reflects their commitment to various causes and their confidence in financially sustaining these endeavors.

It is one of the only banks in Pakistan to formally incorporate ESG metrics relevant to financial performance as a part of its long-term strategy.

Partnering with the Mahvash and Jahangir Siddiqui (MSJF) for CSR ventures, the organization has come to the aid of the Pakistani people at various times of need: from playing a central role in coping with the devastation of the heavy floods of 2010 to serving Iftaar to the needy every subsequent Ramadan, the bank is at the forefront of corporations proactively dealing with social issues.

Currently, JS Bank focuses on multiple environmental and agricultural issues. It is an industry leader in sustainability, with a recent “civic welfare drive” to ensure environmentally friendly branches of the bank.

Read more: Renewable energy: JS bank partners with Hadron Solar

It is one of the only banks in Pakistan to formally incorporate environmental, social and governance (ESG) metrics relevant to financial performance as a part of its long-term strategy. The bank publishes an annual ESG report that guides policymaking in a way that is significantly ahead of its time in the Pakistani banking sector.

The bank has earned numerous accolades in recent years. Alongside the award for “Best environmental and social governance bank” at the Pakistan Banking Awards for their commitment to various causes, JS Bank was also appreciated internationally at the Asia money awards as the “Best Bank for SMEs.” The bank continues to be an engine for economic prosperity and a hallmark for CSR in Pakistan.

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