BankIslami is all geared up to become a 100 Online Branch Network Bank by December 2008. This was announced at the annual general meeting held at a local hotel here on Saturday.

After achieving the milestone of opening 36 online branches in 23 small and big cities across the country in 2007, the Bank is set to cross the 100 online branches network mark by December 2008. BankIslami in its annual general meeting announced the financial results of the year ended December 2007.

The results truly showed the aggressive growth of the Bank where the assets grew up by 358 percent to stand at PKR 14.4 billion, deposits raised by 560 percent to reach at PKR 10 billion and the financing amount increased by 413 percent to stand at PKR 3.9 billion. As a result of massive growth, the Bank posted a net loss of Rs 35 million. However, despite of almost three-fold increase in the network, the Bank will report a profit for the year-end 2008.

BankIslami is full-fledged Islamic bank and is represented by a renowned Shariah Board headed by Mufti Muhammad Taqi Usmani. BankIslami is pursuing its aggressive growth strategy, which includes penetration in the rural and urban areas and committed to introducing value added innovative products for both corporate and consumer banking sector.-PR