Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to PK₨14.33, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 7x in the Banks industry in Pakistan. Total returns to shareholders of 175% over the past three years. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to PK₨14.08, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 6x in the Banks industry in Pakistan. Total returns to shareholders of 213% over the past three years. Tillkännagivande • May 30
JS Bank Limited (KASE:JSBL) acquired an additional 14.92% stake in TRG Pakistan Limited (KASE:TRG) for PKR 5.1 billion. JS Bank Limited (KASE:JSBL) acquired an additional 14.92% stake in TRG Pakistan Limited (KASE:TRG) for PKR 5.1 billion on May 21, 2026. A cash consideration valued at PKR 62.92 per share will be paid by JS Bank Limited for 81.358289 million shares. Before this acquisition JS Bank Limited and persons acting-in-concert were holding 78,622,164 shares i.e; 14.41% of the Company. After abovementioned acquisition through enforcement of security; our total shareholding in the company is 159,980,453 shares, which represent 29.33% of the total issued voting shares of the Company.
JS Bank Limited (KASE:JSBL) completed the acquisition of an additional 14.92% stake in TRG Pakistan Limited (KASE:TRG) on May 21, 2026. Valuation Update With 7 Day Price Move • May 12
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to PK₨11.57, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 6x in the Banks industry in Pakistan. Total returns to shareholders of 154% over the past three years. Reported Earnings • May 01
First quarter 2026 earnings released: EPS: PK₨0.44 (vs PK₨1.18 in 1Q 2025) First quarter 2026 results: EPS: PK₨0.44 (down from PK₨1.18 in 1Q 2025). Revenue: PK₨20.1b (down 10% from 1Q 2025). Net income: PK₨909.3m (down 63% from 1Q 2025). Profit margin: 4.5% (down from 11% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 43% per year, which means it is well ahead of earnings. Tillkännagivande • Apr 21
JS Bank Limited to Report Q3, 2026 Results on Apr 28, 2026 JS Bank Limited announced that they will report Q3, 2026 results on Apr 28, 2026 Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to PK₨14.92, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 5x in the Banks industry in Pakistan. Total returns to shareholders of 265% over the past three years. New Risk • Mar 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Profit margins are more than 30% lower than last year (6.9% net profit margin). Market cap is less than US$100m (PK₨24.5b market cap, or US$87.7m). Reported Earnings • Feb 28
Full year 2025 earnings released: EPS: PK₨2.84 (vs PK₨5.03 in FY 2024) Full year 2025 results: EPS: PK₨2.84 (down from PK₨5.03 in FY 2024). Revenue: PK₨84.2b (up 1.8% from FY 2024). Net income: PK₨5.83b (down 44% from FY 2024). Profit margin: 6.9% (down from 13% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Feb 25
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: PK₨27.8b (US$99.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (5.8% net profit margin). Market cap is less than US$100m (PK₨27.8b market cap, or US$99.4m). Tillkännagivande • Feb 25
JS Bank Limited, Annual General Meeting, Mar 27, 2026 JS Bank Limited, Annual General Meeting, Mar 27, 2026. Location: karachi Pakistan Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to PK₨13.55, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 6x in the Banks industry in Pakistan. Total returns to shareholders of 220% over the past three years. Tillkännagivande • Feb 17
JS Bank Limited to Report Fiscal Year 2025 Results on Feb 24, 2026 JS Bank Limited announced that they will report fiscal year 2025 results on Feb 24, 2026 Reported Earnings • Oct 25
Third quarter 2025 earnings released: EPS: PK₨0.27 (vs PK₨1.07 in 3Q 2024) Third quarter 2025 results: EPS: PK₨0.27 (down from PK₨1.07 in 3Q 2024). Revenue: PK₨20.0b (up 3.6% from 3Q 2024). Net income: PK₨567.2m (down 74% from 3Q 2024). Profit margin: 2.8% (down from 11% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 74% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to PK₨17.55, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 5x in the Banks industry in Pakistan. Total returns to shareholders of 350% over the past three years. New Risk • Aug 27
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: PK₨28.1b (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Profit margins are more than 30% lower than last year (7.8% net profit margin). Market cap is less than US$100m (PK₨28.1b market cap, or US$99.8m). Reported Earnings • Aug 24
Second quarter 2025 earnings released: EPS: PK₨0.81 (vs PK₨2.21 in 2Q 2024) Second quarter 2025 results: EPS: PK₨0.81 (down from PK₨2.21 in 2Q 2024). Revenue: PK₨20.2b (down 7.0% from 2Q 2024). Net income: PK₨1.65b (down 64% from 2Q 2024). Profit margin: 8.2% (down from 21% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Profit margins are more than 30% lower than last year (11% net profit margin). Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨11.63, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 4x in the Banks industry in Pakistan. Total returns to shareholders of 191% over the past three years. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to PK₨9.88, the stock trades at a trailing P/E ratio of 2.2x. Average trailing P/E is 4x in the Banks industry in Pakistan. Total returns to shareholders of 146% over the past three years. Reported Earnings • Apr 28
First quarter 2025 earnings released: EPS: PK₨1.18 (vs PK₨1.66 in 1Q 2024) First quarter 2025 results: EPS: PK₨1.18 (down from PK₨1.66 in 1Q 2024). Revenue: PK₨22.4b (up 7.2% from 1Q 2024). Net income: PK₨2.42b (down 29% from 1Q 2024). Profit margin: 11% (down from 16% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. New Risk • Mar 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Profit margins are more than 30% lower than last year (12% net profit margin). Market cap is less than US$100m (PK₨16.6b market cap, or US$59.4m). Board Change • Mar 12
High number of new directors Independent Director Saad Bhimjee was the last director to join the board, commencing their role in 2024. Reported Earnings • Mar 05
Full year 2024 earnings released: EPS: PK₨5.03 (vs PK₨5.99 in FY 2023) Full year 2024 results: EPS: PK₨5.03. Revenue: PK₨82.8b (up 80% from FY 2023). Net income: PK₨10.3b (up 9.1% from FY 2023). Profit margin: 12% (down from 21% in FY 2023). The decrease in margin was driven by higher expenses. Tillkännagivande • Mar 05
JS Bank Limited, Annual General Meeting, Mar 28, 2025 JS Bank Limited, Annual General Meeting, Mar 28, 2025. Location: karachi Pakistan Board Change • Jan 03
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Director Saad Bhimjee was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. New Risk • Nov 07
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 15% Last year net profit margin: 23% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (15% net profit margin). Market cap is less than US$100m (PK₨19.3b market cap, or US$69.3m). Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: PK₨1.07 (vs PK₨3.62 in 3Q 2023) Third quarter 2024 results: EPS: PK₨1.07 (down from PK₨3.62 in 3Q 2023). Revenue: PK₨19.3b (up 35% from 3Q 2023). Net income: PK₨2.20b (down 57% from 3Q 2023). Profit margin: 11% (down from 36% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 30
Second quarter 2024 earnings released: EPS: PK₨2.21 (vs PK₨0.45 in 2Q 2023) Second quarter 2024 results: EPS: PK₨2.21 (up from PK₨0.45 in 2Q 2023). Revenue: PK₨21.8b (up 200% from 2Q 2023). Net income: PK₨4.53b (up PK₨3.83b from 2Q 2023). Profit margin: 21% (up from 9.6% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Aug 22
JS Bank Limited to Report First Half, 2024 Results on Aug 27, 2024 JS Bank Limited announced that they will report first half, 2024 results on Aug 27, 2024 Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to PK₨11.92, the stock trades at a trailing P/E ratio of 2x. Average trailing P/E is 3x in the Banks industry in Pakistan. Total returns to shareholders of 115% over the past three years. Reported Earnings • Mar 12
Full year 2023 earnings released: EPS: PK₨5.99 (vs PK₨0.83 in FY 2022) Full year 2023 results: EPS: PK₨5.99 (up from PK₨0.83 in FY 2022). Revenue: PK₨46.1b (up 127% from FY 2022). Net income: PK₨9.45b (up PK₨8.37b from FY 2022). Profit margin: 21% (up from 5.3% in FY 2022). Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Feb 29
JS Bank Names Atif Salim Malik as Chief Operating Officer to Spearhead Operational Growth In a strategic move to bolster its operational leadership, JS Bank announced the appointment of Atif Salim Malik as the new Chief Operating Officer (COO). This appointment comes as part of the bank's ongoing efforts to enhance its core retail business and overall customer experience amidst the competitive banking landscape. Atif Salim Malik steps into his new role with a rich background in the banking sector, most recently serving as the Group Head of Retail Banking at JS Bank. During his tenure in retail banking, Malik was instrumental in propelling the bank's achievements in SME, Agri, and consumer lending, marking significant milestones in its operational success. With over twenty-eight years of experience across retail and microfinance banking sectors in various senior executive management roles, Malik brings a comprehensive skill set to his new position, including expertise in general management, business strategy, marketing, financial risk, and corporate governance. In his capacity as COO, Malik will be responsible for overseeing key business areas, particularly focusing on enhancing distribution channels and customer experience through digitization. His leadership is expected to steer JS Bank towards greater innovation and efficiency, underpinning the bank's objectives of fostering a positive work environment characterized by creativity, integrity, and a customer-centric approach. Board Change • Jan 25
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Khalilullah Shaikh was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to PK₨8.98, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 3x in the Banks industry in Pakistan. Total returns to shareholders of 55% over the past three years. Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: PK₨3.62 (vs PK₨0.30 in 3Q 2022) Third quarter 2023 results: EPS: PK₨3.62 (up from PK₨0.30 in 3Q 2022). Revenue: PK₨14.3b (up 157% from 3Q 2022). Net income: PK₨5.15b (up PK₨4.76b from 3Q 2022). Profit margin: 36% (up from 7.0% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. New Risk • Sep 09
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 58% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (58% increase in shares outstanding). Minor Risk Market cap is less than US$100m (PK₨11.8b market cap, or US$38.8m). Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: PK₨0.54 (vs PK₨0.022 loss in 2Q 2022) Second quarter 2023 results: EPS: PK₨0.54 (up from PK₨0.022 loss in 2Q 2022). Revenue: PK₨7.30b (up 47% from 2Q 2022). Net income: PK₨701.4m (up PK₨729.8m from 2Q 2022). Profit margin: 9.6% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. New Risk • Aug 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (PK₨8.49b market cap, or US$28.8m). Reported Earnings • Mar 12
Full year 2022 earnings released: EPS: PK₨0.83 (vs PK₨0.92 in FY 2021) Full year 2022 results: EPS: PK₨0.83 (down from PK₨0.92 in FY 2021). Revenue: PK₨20.2b (up 26% from FY 2021). Net income: PK₨1.08b (down 9.5% from FY 2021). Profit margin: 5.3% (down from 7.4% in FY 2021). The decrease in margin was driven by higher expenses. Cost-to-income ratio: 83.1% (up from 75.0% in FY 2021). Non-performing loans: 6.83% (up from 5.33% in FY 2021). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Tillkännagivande • Jan 19
JS Bank Limited Appoints Basir Shamsie as Director JS Bank Limited announced that Mr. Basir Shamsie has been appointed as Director of the Bank with effect from January 18, 2023 in place of Mr. Hassan Afzal. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improved over the past week After last week's 21% share price gain to PK₨4.71, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 4x in the Banks industry in Pakistan. Total loss to shareholders of 22% over the past three years. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: PK₨0.30 (vs PK₨0.25 in 3Q 2021) Third quarter 2022 results: EPS: PK₨0.30 (up from PK₨0.25 in 3Q 2021). Revenue: PK₨5.56b (up 27% from 3Q 2021). Net income: PK₨389.2m (up 19% from 3Q 2021). Profit margin: 7.0% (down from 7.5% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Tillkännagivande • Jul 06
Js Bank Limited Launches Roshan Digital Account JS Bank Limited has become the 14th bank to join the State Bank of Pakistan's Roshan Digital Account (RDA) initiative, allowing Non-Resident Pakistanis (NRPs) to open bank accounts digitally. Uniquely, JS Bank's offering allows NRPs to open their accounts via WhatsApp, enabling unmatched convenience for users. This is part of a multi-channel platform approach that includes JS Mobile and Internet Banking. A launch ceremony to mark the occasion was held in Karachi. Honorable Governor (Acting) State Bank of Pakistan Dr. Murtaza Syed was prominent with his presence along with Founder of JS Group Mr. Jahangir Siddiqui, President & CEO of JS Bank Mr. Basir Shamsie and leading business community and corporate leaders. Reported Earnings • Oct 30
Third quarter 2021 earnings released: EPS PK₨0.25 (vs PK₨0.26 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: PK₨4.39b (up 12% from 3Q 2020). Net income: PK₨328.4m (down 1.5% from 3Q 2020). Profit margin: 7.5% (down from 8.5% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 27
Second quarter 2021 earnings released: EPS PK₨0.15 (vs PK₨0.29 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: PK₨3.91b (down 8.9% from 2Q 2020). Net income: PK₨193.3m (down 48% from 2Q 2020). Profit margin: 4.9% (down from 8.7% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 30
First quarter 2021 earnings released: EPS PK₨0.39 (vs PK₨0.31 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: PK₨4.18b (up 7.8% from 1Q 2020). Net income: PK₨505.8m (up 26% from 1Q 2020). Profit margin: 12% (up from 10% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 26
New 90-day low: PK₨6.00 The company is down 3.0% from its price of PK₨6.21 on 27 November 2020. The Pakistani market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 1.0% over the same period. Reported Earnings • Feb 25
Full year 2020 earnings released: EPS PK₨0.86 (vs PK₨0.21 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: PK₨16.2b (up 38% from FY 2019). Net income: PK₨1.11b (up PK₨1.38b from FY 2019). Profit margin: 6.9% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year and the company’s share price has also fallen by 10% per year. Is New 90 Day High Low • Jan 13
New 90-day high: PK₨7.09 The company is up 9.0% from its price of PK₨6.50 on 15 October 2020. The Pakistani market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 13% over the same period. 
