JS Bank

JS Bank

Headquarters of JS Bank in Karachi
Company type	Public
Traded as	PSX: JSBL
Industry	Banking, Finance, Investment Banking
Founded	April 2007; 17 years ago (2007-04)
Founder	Jahangir Siddiqui
Headquarters	Karachi, Pakistan
Key people	Basir Shamsie (CEO) Adil Matcheswala (chairman)
Services	Consumer Banking, Corporate Banking, Investment Banking, Investment Management, Finance, Digital Financial Services, Branchless Banking, Business Banking, Loans, Savings and Financial Products
Revenue	Rs. 21.11 billion (US$73 million)[1] (2022)
Operating income	Rs. 2.13 billion (US$7.4 million)[1] (2022)
Net income	Rs. 2.13 billion (US$7.4 million)[1] (2022)
Total assets	Rs. 616.72 billion (US$2.1 billion)[1] (2022)
Total equity	Rs. 21.547 billion (US$75 million)[1] (2022)
Number of employees	4,306[1] (2022)
Parent	Jahangir Siddiqui & Co.
Website	jsbl.com

JS Bank Limited (JSBL) (Urdu: جے ایس بینک) is a Pakistani commercial bank headquartered in Karachi. It is a subsidiary of Jahangir Siddiqui & Co. 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]

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]

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]

The bank rapidly grew its network and reached the PKR 400 billion deposit mark by 2020.^[5][6]

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.^[7]

JS Bank products include personal banking including current accounts, savings accounts, mortgages, loans, lockers, credit cards, debit cards, and digital banking. Under the umbrella of business financing, the bank provides Corporate Banking, Commercial Banking, Investment Banking, Trade and SME services.^[8]

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 Expose Persons, customer risk profiling and transaction monitoring.^[9]