JS Bank Limited ("JSBL" or the "Bank") was established in March 2006 as a public limited Company and commenced its commercial banking operations on December 30, 2006.

JS Bank Limited was formed after the amalgamation of Jahangir Siddique Investment Bank Limited and American Express Bank Limited. The head office address for JS Bank Limited is Shaheen Commercial Complex, Dr. Ziauddin Ahmed Road, Karachi, Pakistan.

JS Bank Limited is a scheduled commercial bank, actively engaged in providing a comprehensive range of banking and financial services. The Bank's branch network is primarily concentrated in the provinces of Sindh and Punjab, reflecting its strategic focus on key economic hubs. In addition to its domestic operations, JS Bank maintains an international presence through an overseas branch located in the Kingdom of Bahrain. The Bank is operating through 314 (CY23: 291) branches / sub-branches in Pakistan and one wholesale banking branch in Bahrain (CY23: 1 branch). Classified as a medium-sized bank within the industry, JS Bank continues to strengthen its market positioning by leveraging its regional footprint and diversified service offerings. As a tech-savvy, mid-sized bank with a diversified product portfolio, the organization is built on a strong structural foundation and driven by a dynamic, resilient, and highly skilled team committed to executing the Bank’s strategic objectives with efficiency and precision. Well-defined systems and processes have been established to support seamless operations and foster sustainable growth.

JS Bank Limited is a subsidiary of Jahangir Siddiqui & Co. Limited (JSCL), which holds an 71.21% equity stake in the Bank. The remaining 28.79% shareholding is distributed among a diverse group of investors, including domestic and international financial institutions, foreign investors, and local individual shareholders.

JS Bank Limited is a subsidiary of JSCL, developed as a diversification strategy of the sponsor group. A significant development for the Bank during the year 2023 was the acquisition of a 75.12% controlling stake in BankIslami Pakistan through sale purchase agreement and public offer. BankIslami is a premier Islamic Bank, incorporated in the year 2004 and listed on the PSX, and operates with a network of over 500+ branches. This acquisition has solidified JS Bank's position in the country's financial landscape, and reflects the Bank's commitment to broaden its product offerings for meeting the diverse needs of its customers.

JS Group operates across a broad spectrum of sectors, with a core emphasis on financial services, including asset management, securities trading, commodities, brokerage, commercial banking, and insurance. The Group’s deep-rooted involvement in the financial sector is expected to significantly contribute to shaping and guiding JS Bank Limited’s strategic direction.

Jahangir Siddiqui & Co. Limited (JSCL) holds equity interests in several wholly-owned subsidiaries, including JS International Limited, Energy Infrastructure Holdings (Private) Limited, Quality Energy Solutions (Private) Limited and JS Infocom Limited.

The Board of Directors (Board) consists of seven members, including the Chairperson and the CEO. Among them, three serve as independent directors, while three are non-executive directors. The CEO holds the position of an executive director, representing the management on the Board. 

Mr. Adil Matcheswala - Chairperson has also been serving on the Board of JS Bank Limited since 2012. He is the Chief Executive Officer and founding Director of Speed (Private) Limited, a retail and distribution Company. His prior roles include serving as Chairperson of the Board and Audit Committee at JS Global Capital Limited, as well as Director of JS Value Fund. Lt. Gen. (R) Sadiq Ali - Independent Director commissioned into the Pakistan Army in 1984, is a graduate of the Turkish War Academy and NDU Islamabad. Over his distinguished career, he held key command and staff positions, including leading major formations and serving as Secretary Defense Production from 2020 to 2022. He also serves as a Director at Zameen REIT Management Company Limited. Mr. Usman Yousaf Mobin - Independent Director was also former Chairman of NADRA (2015–2021), is recognized for his groundbreaking contributions to citizen registration and public service delivery in Pakistan and abroad. With a strong academic background and numerous national and international IT projects to his credit, he has transformed systems at NADRA and other organizations. He currently serves as a Director at Aploi (Pvt) Ltd. Ms. Nargis Ghaloo - Independent Director is a retired senior civil servant with 36 years of service, including leadership roles such as Chairperson of State Life Insurance Corporation and Managing Director of the Public Procurement Regulatory Authority. She brings extensive experience across public administration, finance, and governance, and currently serves on the boards of Hinopak Motors, GIK Institute, and the Civil Aviation Authority. Mr. Khalilullah Shaikh - Independent Director has held prominent leadership roles including CFO of PIA and senior positions at K-Electric and Shell. He is a globally recognized professional, currently serving as a Board Member at IFAC and an Independent Director at Alfalah GHP, with a strong passion for financial education and professional development. Mr. Saad Bhimjee - Non Executive Director has been appointed in replacement of Mr. Mumtaz Ali Shah in Aug'24. He is a seasoned Insurance and Risk Management professional with over 16 years of international experience across Pakistan, Canada, and the UK. He is the Founder and CEO of QubeRisk, a digital-first insurance provider in Canada, and previously held senior roles at Aon and UIB London. He currently serves as a Director at EFU General Insurance Ltd. All Board members are highly qualified and accomplished professionals, bringing extensive experience and expertise to their roles.

The Board maintains robust oversight of the Bank’s management policies and operational activities through its four dedicated committees: (a) Audit Committee, (b) Risk Management Committee (RMC), (c) Information Technology Committee, and (d) Human Resources, Remuneration & Nomination Committee.

M/s KPMG Taseer Hadi & Co. Chartered Accountants are the external auditors of the Bank. They have expressed an unqualified opinion on the Bank’s financial statements for the year ended December 31, 2024.

JSBL operates under a streamlined organizational framework that distinctly delineates roles, authorities, and reporting hierarchies, supported by robust monitoring and compliance mechanisms to ensure effective governance and operational efficiency.

Mr. Basir Shamsie - CEO has also served as Chairman of JS Investments Limited and JS Global Capital Limited and as Director of JS Bank Limited. He possesses an extensive experience of more than 33 years, primarily in the banking sector. He has been associated with JS Group for a long time. Mr. Atif Salim - Chief Operating Officer brings over 28 years of leadership experience in retail and microfinance banking. Formerly Group Head of Retail Banking, he now leads key business areas with a strong focus on digitization, customer experience, and strategic growth. Mr. Adeel Ehtesham, Chief Financial Officer brings over 21 years of extensive experience in the banking industry. Prior to joining JS Bank, he served as the Financial Controller at Soneri Bank Limited. Mr. Azhar Ahmed - Chief Risk Officer is a highly experienced banking professional with a robust background in risk management. He has previously held key roles in enterprise and credit risk management, demonstrating deep expertise in Basel implementation, portfolio oversight, and risk governance in JS Bank Limited. Mr. Tariq Yar Khan - Chief Compliance Officer is a seasoned banking professional with deep expertise in compliance and operations. He previously held key leadership roles at Soneri Bank for nearly 11 years, including Chief Compliance Officer and Head of Branch Banking Operations. The senior management team comprises seasoned professionals with diverse and extensive experience across various segments of the financial services industry.

The Bank has various committees in place at the management level to oversee its day-to-day operational matters and take decisions to implement the strategy outlined by the Board.

The implementation of data warehousing, data science, and business intelligence solutions has significantly accelerated product innovation, enhanced customer service delivery, and institutionalized data-driven decision-making across the Bank. These advancements have enabled the automation of MIS reporting, providing senior management with timely, accurate, and actionable insights. Through its digital platform "Zindigi", the Bank continues to deliver a comprehensive array of innovative digital products and services, enhancing customer convenience while reinforcing its competitive differentiation in the marketplace. As of CY24, the Zindigi app has demonstrated significant growth across various metrics. Its throughput stands at PKR 206bln, marking a 42% increase from the previous year (CY23) of PKR 145bln. Customer deposits have reached PKR 6.7bln and number of app downloads has risen to 12.3mln, reflecting a 31% growth from 9.4mln (CY23). Additionally, the number of accounts has increased to 5.66mln, showing an 18% rise from the previous 4.8mln accounts (CY23).

The Bank's Leadship Team (TL), Risk Management Committee (RMC), Portfolio Management Committee (PMC) and Operational Risk Management Committee (ORMC), Compliance Management Committee (CMC), Remedial Management Committee (RMC), and Asset & Liability Committee (ALCO) of management monitor the Bank's activities and manage risk within set limits. The internal Risk Rating Module is being used by the Bank. The module supports the Bank in its Obligor Risk Rating (ORR) process by adding more objectivity to the credit appraisal process. The Bank has assigned 59% of its obligors under "Good and above" credit risk rating , while another 28% fall under the "Marginal and above" category. Approximately 2% of obligors are rated under "Overdue but not Classified and above," and 11% are categorized under "Loss and above."

During CY24, Pakistan's Banking sector's total assets posted growth of ~15.81% YoY whilst investments surged by ~14.50% to PKR ~29.79trln (endDec23: PKR ~26trln). Gross Advances of the sector recorded growth of ~29.11% to stand at PKR ~16.914trln (end-Dec23: PKR ~13.101trln). Non-performing loans witnessed an increase of 7.34% YoY to PKR ~1,068bln (end-Dec23: PKR ~995bln). The CAR averaged at 20.6% (end-Dec23: 19.7%). Looking ahead, given the expected monetary rate cut and high cost environment, Banks are likely to sustain some dilution in profitability by CY25.

JS Bank Limited is classified as a medium-tier Bank, capturing a market share of 2% in terms of customer deposits on a standalone basis as of CY24, consistent with its position in CY23.

During CY24, the Bank’s net markup income recorded a healthy increase of 22% on a YoY basis to stand at PKR 27.3bln (CY23: PKR 22.4bln) attributable to a sizeable increase in markup earned recorded at PKR 109bln (CY23: PKR 92bln). Consequently, the Bank’s net markup income to total income improved to 70.6% (CY23: 64.7%), reflecting stronger core earnings. The Bank’s asset yield strengthened to 21.1% (CY23: 17.9%), indicating better return on earning assets. The cost of funds recorded an increase and clocked in at 15.0% at the end of CY24 (CY23: 12.8%). Consequently, the spread of the Bank stood at 6.2% (CY23: 5.2%) reflecting improved profitability margins. 

During CY24, the Bank’s non-markup income decreased to PKR 11.3bln (CY23: PKR 12.2bln) primarily due to a significant drop in foreign exchange income to PKR 3.3bln (CY23: PKR 5.8bln), Although dividend income saw an uptick to PKR 2.3bln (CY23: PKR 1.8bln), it was insufficient to offset the decline in FX gains. Consequently, with an increase in ECL charge against asset, the bottom line witnessed a dip to PKR 2.8bln (CY23: PKR 4.3bln) due to increase in provisions signaling a need for greater income diversification and a more resilient non-core revenue mix to sustain profitability amid market fluctuations.

Going forward, JS Bank Limited remains committed to offering customer-centric, innovative digital financial solutions tailored to the needs of its diverse clientele. This commitment is underpinned by a focus on agility, resilience, and the highest standards of ethics, corporate governance and professional excellence.

During CY24, the Bank’s gross performing advances book increased to PKR 226.4bln (CY23: PKR 197.6bln), reflecting a healthy expansion in the Bank’s lending portfolio. This growth was accompanied by a slight increase in the net Advances-to-Deposits Ratio (ADR), which rose to 42.9% (CY23: 41.9%), indicating improved utilization of deposit mobilization for credit extension. However, asset quality pressures were evident, as gross non-performing advances (NPLs) increased to PKR 21.3bln (CY23: PKR 16.2bln), leading to a rise in the infection ratio to 8.6% from 7.6% YoY basis. While credit growth remains strong, the uptick in NPLs suggests a need for heightened credit risk monitoring and a more cautious lending approach to maintain portfolio quality.

As of CY24, JS Bank Limited’s investment portfolio recorded an YoY increase, reaching PKR 302bln (CY23: PKR 288bln), with ~86% of the portfolio allocated to government securities, reflecting a conservative and risk-averse investment strategy. This upward trajectory suggests a proactive approach by the Bank in strategically optimizing its investment portfolio, either to enhance yield generation or to strengthen risk mitigation in response to evolving market dynamics.

The Bank’s increased investment in government securities has significantly enhanced its liquidity position. By allocating a larger portion of its investment portfolio of ~86% to Government securities, the Bank has strengthened its ability to meet short-term obligations and manage liquidity gaps effectively. This strategic move not only supports compliance with regulatory liquidity requirements, such as the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR), but also provides a cushion against unexpected withdrawals or market disruptions, thereby reinforcing overall financial stability. JS Bank Limited demonstrated solid growth in its deposit base, which increased to PKR 525bln in CY24 (CY23: PKR 486bln), reflecting improved customer acquisition and retention. Notably, the composition of deposits strengthened, with Current Account (CA) and Savings Account (SA) proportions rising to 38% and 33%, respectively (CY23: 33% and 28%). This shift toward low-cost, stable funding sources is likely to improve the Bank’s funding profile and reduce overall cost of funds. Although the Bank’s liquid assets as a percentage of deposits slightly declined to 57.4% from 59.2%, the ratio remains at a robust level, ensuring adequate liquidity buffers. Overall, the increase in core deposits, combined with a healthy liquidity position, positions the Bank well to support future asset growth while maintaining financial resilience.

At the end of CY24, the equity base was recorded at PKR 43.7bln (CY23: PKR 40.3bln) and the CAR of the Bank stood at 13.24% at the end of CY24 (CY23: 12.53%). The equity-to-total assets ratio also saw a marginal improvement, increasing to 6.9% (CY23: 6.8%). To strengthen its capital base, the Bank has successfully issued one Additional Tier 1 Term Finance Certificate (TFC) amounting to PKR 2,500mln. In addition, the Bank has also issued two Additional Tier 2 TFCs with a cumulative value of PKR 6,000mln. These capital instruments have been structured to enhance the Bank’s capital adequacy ratio, providing a buffer for loss absorption and supporting the Bank’s long-term growth and risk management objectives. This modest uptick in capitalization indicates a stable capital position, supporting the Bank’s asset growth while maintaining a reasonable buffer against potential risks. While the ratio remains within a healthy range, continued equity enhancement will be important to underpin future expansion, absorb credit risk, and comply with evolving regulatory requirements.