JS Bank

Last updated • 2 min readFrom Wikipedia, The Free Encyclopedia
JS Bank
Company type Public
PSX:  JSBL
IndustryBanking, Finance, Investment Banking
FoundedApril 2007;17 years ago (2007-04)
Founder Jahangir Siddiqui
Headquarters Karachi, Pakistan
Key people
Services Consumer banking, Corporate banking, Investment banking, Investment management, Finance, Branchless banking, Business banking, Loans, Savings account, Financial product
RevenueIncrease2.svgRs. 29.4 billion (US$100 million) [1]  (Sept 2024)
Increase2.svgRs. 6.3 billion (US$22 million) [1]  (Sept 2024)
Increase2.svgRs. 6.2 billion (US$21 million) [1]  (Sept 2024)
Total assets Increase2.svgRs. 680.3 billion (US$2.4 billion) [1]  (Sept 2024)
Total equity Increase2.svgRs. 43.4 billion (US$150 million) [1]  (Sept 2024)
Number of employees
4,663 [1]  (Sept 2024)
Parent Jahangir Siddiqui & Co.
Website jsbl.com

JS Bank Limited (JSBL) (Urdu : جے ایس بینک) is a Pakistani commercial bank headquartered in Karachi. It operates as a subsidiary of Jahangir Siddiqui & Co. Limited (JSCL), a financial conglomerate in Pakistan The bank was established in April 2007 as a result of the merger of two banks, Jahangir Siddiqui Investment Bank Limited and American Express Bank. JS Bank Limited currently operates branches across Pakistan, as well as an international branch in Manama, Bahrain. [2]

Contents

The Pakistan Credit Rating Agency Limited (PACRA) maintains the long-term entity rating of JS Bank Limited (JSBL) to ‘AA-(Double A Minus). Meanwhile, short-term entity rating is maintained at ‘A1+’ (A One Plus). [3]

History

JS Bank origins began with the acquisition of Citicorp Investment Bank Limited by Jahangir Siddiqui & Co. Limited on 1 February 1999 to form Jahangir Siddiqui Investment Bank Limited (JSIBL). JSIBL had a 60% stake in Citicorp giving it ownership of the organization and its operations in Pakistan. In 2007, JSIBL and American Express Bank Limited - Pakistan operations were merged, resulting in the formation of the JS Bank. Jahangir Siddiqui & Co. maintained majority shares in the new company. [4]

JS Bank operates as a subsidiary of Jahangir Siddiqui & Co. Limited, and its shares are listed on the Pakistan Stock Exchange (PSX). [5]

In 2016, JS Bank opened its first branch outside of Pakistan in Bahrain. [6] [7] In 2020, the bank rapidly grew its network and reached the PKR 400 billion deposit mark. [8] [9]

JS Bank holds the largest share in the disbursement of the Rozgar Refinance Scheme, amounting to PKR 10.8 billion as per State Bank of Pakistan policy. [10]

The bank has expanded its network, reaching 293 branches across Pakistan by 2024, [11] with its first international branch established in Manama, Bahrain, in 2016. Financially, the bank's deposit base grew from PKR 486.3 billion in December 2023 to over PKR 500 billion (US$ 1.79 billion) by March 2024. [12]

Products and services

JS Bank products include personal banking including current accounts, savings accounts, mortgages, loans, lockers, credit cards, debit cards, and digital banking. [13] Under the umbrella of business financing, the bank provides Corporate Banking, Commercial Banking, Investment Banking, Trade and SME services. [13]

Operations

JS Bank's digital transformation initiatives include the launch of Zindigi, a mobile application targeting millennials and Gen Z users with features like nano loans, stock trading, and investment tools. [14] [15] [16] [17] [18] JS Bank participates in the State Bank of Pakistan’s Roshan Digital Account initiative, allowing non-resident Pakistanis to open bank accounts digitally. [19] [20] [21] In 2023, JS Bank acquired BankIslami while maintaining separate operations. [22] [23] [24]

Penalty imposed by the State Bank of Pakistan

In September 2019, the State Bank of Pakistan imposed penalties on a number of local institutions including JS Bank for deficiencies in customer due diligence. The bank’s departments where discrepancies were pointed out included asset quality, corporate governance, and AML/KYC. The bank was also advised timelines to enhance its processes for identification of politically exposed persons, customer risk profiling and transaction monitoring. [25]

See also

Related Research Articles

<span class="mw-page-title-main">Citigroup</span> American multinational investment bank and financial services corporation

Citigroup Inc. or Citi is an American multinational investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, the bank holding company for Citibank, and Travelers; Travelers was spun off from the company in 2002.

<span class="mw-page-title-main">Punjab National Bank</span> Indian public sector bank

Punjab National Bank is an Indian government bank based in New Delhi. It was founded in May 1894 and is the second-largest public sector bank in India in terms of its business volumes, with over 180 million customers, 12,248 branches, and 13,000+ ATMs.

<span class="mw-page-title-main">ICICI Bank</span> Indian private sector bank

ICICI Bank Limited is an Indian multinational bank and financial services company headquartered in Mumbai with a registered office in Vadodara. It offers a wide range of banking and financial services for corporate and retail customers through various delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management.

The KSE-100 Index is a total return stock index acting as a benchmark to compare prices on the Pakistan Stock Exchange (PSX) over a period.

Bank Alfalah Limited, formerly known as Habib Credit and Exchange Bank, is a Pakistani commercial bank headquartered in Karachi. It is a subsidiary of an Emirati conglomerate, Abu Dhabi United Group.

BankIslami Pakistan Limited is a Pakistani Islamic bank based in Karachi.

<span class="mw-page-title-main">United Bank Limited</span> Pakistani commercial bank

United Bank Limited (UBL) is a Pakistani commercial bank headquartered in Karachi. It is a subsidiary of British multinational conglomerate, Bestway Group.

<span class="mw-page-title-main">Economy of Karachi</span>

Karachi is the financial and industrial capital of Pakistan. As of 2019, Karachi has an estimated GDP (PPP) of $164 billion. The city accounts about half of the total collections of the Federal Board of Revenue, out of which, approximately half are customs duty and sales tax on imports. Karachi produces about 30 percent of value added in large-scale manufacturing, 25% of the GDP, the World Bank identified Karachi as the most business-friendly city in Pakistan. In 2010, research by the global human resources company Mercer found Karachi to be the most inexpensive city in the world.

<span class="mw-page-title-main">Habib Bank Limited</span> Pakistani commercial banking based in Karachi

Habib Bank Limited is a Pakistani commercial bank based at Habib Bank Plaza, Karachi. It is a subsidiary of Swiss-based organisation Aga Khan Fund for Economic Development.

<span class="mw-page-title-main">MCB Bank</span> Pakistani commercial bank

MCB Bank Limited is a Pakistani commercial bank which is based in Lahore, Punjab. The majority of shares are owned by companies that are part of Nishat Group or Malaysian bank Maybank.

PICIC Commercial Bank Limited was a Pakistani bank based in Karachi, Pakistan.

<span class="mw-page-title-main">Jahangir Siddiqui & Co.</span>

Jahangir Siddiqui & Co. is a Pakistani financial services company, founded in 1971 by Jahangir Siddiqui, and is based in Karachi, Pakistan. The company controls and operates financial services companies in Pakistan.

Emirates NBD Bank PJSC is Dubai's government-owned bank and is one of the largest banking groups in the Middle East in terms of assets.

Islami Bank PLC., abbreviated as IBBPLC, more commonly known as Islami Bank, is an Islamic banking company based in Bangladesh. It became incorporated on 13 March 1983 as a public limited company under the Companies Act 1913, and started operation on 30 March, the same year. IBBPLC maintains its own ATM Booths with a country-wide shared ATM network. IBBPLC has been the largest private banking network in Bangladesh. The bank has been listed with both Dhaka Stock Exchange Ltd. and Chittagong Stock Exchange Ltd.

<span class="mw-page-title-main">Faysal Bank</span> Islamic bank based in Pakistan

Faysal Bank Limited is a Pakistani Islamic bank based in Karachi. Founded as Al-Faysal Investment Bank in 1995, it became an Islamic bank in 2023. It is named after Mohammed bin Faisal Al Saud.

<span class="mw-page-title-main">Ali Jehangir Siddiqui</span> Pakistani diplomat

Ali Jehangir Siddiqui is a Pakistani diplomat and entrepreneur. He has served as the Ambassador of Pakistan to the United States, as Special Assistant to the Prime Minister of Pakistan with the status of Minister of State and Pakistan's Ambassador for Foreign Investment in an honorary capacity. He has also served in various business and government advisory councils, policy institutions, and commercial entities.

<span class="mw-page-title-main">Social Islami Bank</span> Bangladeshi Sharia-compliant bank

Social Islami Bank PLC is a Shari'ah based Islami Bank in Bangladesh. It was established on 22 November 1995 as Social Investment Bank Limited. Later it changed name to Social Islami Bank Limited. Up to October, 2021, SIBL has 172 branches including 22 AD branches, 104 subbranches & 200 agent banking outlets.

<span class="mw-page-title-main">Roshan Digital Account</span> Pakistani banking service

Roshan Digital Account (RDA) (Urdu روشن ڈیجیٹل اکاؤنٹ) is a facility available to non-resident Pakistanis, this facility allows Pakistani nationals living abroad to have access to banking services within Pakistan without having to visit a consulate, embassy, or a physical bank branch. The initiative was launched by the government of Imran Khan, who inaugurated the programme in September 2020. Toward the end of August 2021, RDA deposits had exceeded $2 billion.

<span class="mw-page-title-main">Special Investment Facilitation Council</span> Pakistani government organisation

The Special Investment Facilitation Council (SIFC) is a Federal government body and Investment Promotion Agency constituted under the Prime Minister of Pakistan,. The SIFC was established on 20 June 2023 with the stated goal of acting as a "'single window' to facilitate investors, establish cooperation among all Government departments, and fast-track project development." The council consists of all Provincial Chief Ministers, Chief Secretaries, and the Army Chief. The SIFC has been assigned the task of increasing Foreign Direct Investment (FDI) in Pakistan to targeted level of $5 billion. The SIFC is also notable for the involvement of the Army in joint civil-military economic decision making.

References

  1. 1 2 3 4 5 6 "JS Bank Annual Report 2024" (PDF). jsbl.com. Retrieved 30 December 2024.
  2. ↑ https://jsbl.com/wp-content/uploads/2021/03/JS-Bank-Limited-Financial-Highlights-2015-to-2020.pdf [ bare URL PDF ]
  3. ↑ "Press Release".
  4. ↑ "JSBL stock market profile".
  5. ↑ "JSBL - Stock quote for JS Bank Limited - Pakistan Stock Exchange (PSX)". dps.psx.com.pk. Retrieved 2024-12-29.
  6. ↑ "JS Bank Pakistan opens its first International Branch in Bahrain February 3, 2016". www.thenews.com.pk. Retrieved 2024-11-20.
  7. ↑ Release, Press. "JS Bank strengthens its GCC business with the opening of a new branch in Bahrain". www.zawya.com. Retrieved 2024-11-20.
  8. ↑ "JS Bank Crosses Rs. 400 Billion in Deposits". 6 July 2020.
  9. ↑ "JS Bank: Crosses Rs. 400 Billion in Deposits - Press Release issued by JS Bank Limited | MarketScreener". 6 July 2020.
  10. ↑ "JS Bank leads in Rozgar schemed". The Express Tribune. 2020-07-09. Retrieved 2020-07-24.
  11. ↑ "Status of Bank branches in: All over the Country".
  12. ↑ "Quarterly Report September 30, 2024" (PDF).
  13. 1 2 "Business Account In Pakistan | JSBL". JS Bank.
  14. ↑ "Zindigi, Powered by JS Bank, Becomes One of the Top 5 Most Downloaded Apps of the Country". www.newswire.com. Retrieved 2024-11-20.
  15. ↑ "Zindigi of JS Bank & Mastercard team up to enhance public transport in Karachi". IBS Intelligence. Retrieved 2024-11-20.
  16. ↑ "Zindigi, Powered by JS Bank & Chikoo Combine Expertise to Launch Financial Services for Small Businesses". Digital Pakistan. 2022-08-19. Retrieved 2024-11-20.
  17. ↑ "Zindigi 2.0: Welcome to the New Era of Fintech! – Business Bytes". 2024-10-22. Retrieved 2024-11-20.
  18. ↑ "Zindigi, Powered by JS Bank, Becomes One of the Top 5 Most Downloaded Apps of the Country".
  19. ↑ Bank, J. S. (2022-07-06). "JS Bank Launches Roshan Digital Account". GlobeNewswire News Room. Retrieved 2024-11-20.
  20. ↑ "JS Bank Joins Roshan Digital Account Initiative and Becomes First Bank to Introduce Account Opening Through WhatsApp".
  21. ↑ Release, Press (2022-04-18). "JS Bank joins Roshan Digital Account initiative". Brecorder. Retrieved 2024-11-20.
  22. ↑ "JS Bank announces BankIslami acquisition". The Nation. 2023-08-30. Retrieved 2024-11-20.
  23. ↑ Reporter, The Newspaper's Staff (2023-08-26). "JS acquires BankIslami". DAWN.COM. Retrieved 2024-11-20.
  24. ↑ Report, Recorder (2023-08-26). "JS Bank acquires 67.33pc ordinary shares of BankIslami". Brecorder. Retrieved 2024-11-20.
  25. ↑ "SBP Imposes Rs805m Monetary Fines On Banks".
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.