KARACHI: Faysal Bank Limited (FBL), a leading Islamic bank in Pakistan, has recorded an operating profit of PKR 28 billion, an increase of almost 100% as compared to the same period last year. Net profit for the same period was recorded at PKR 12 billion, showcasing healthy business fundamentals as well as prudent risk management.
The Bank recently published financial report for the first nine months which reveals that FBL kept up its traditional strong performance with an improvement across nearly all metrics.
The Bank’s total assets reached PKR 1.3 trillion and net advances increased to nearly Half a trillion, reflecting growth across all lending businesses by capitalizing on opportunities while maintaining a cautious approach to risk management.
Deposits increased by 21.5% and reached PKR 950 billion, whereas Current Accounts grew by 20% to reach PKR 332 billion. This achievement has strengthened the bank’s financial position and highlights its ability to meet the evolving needs of its growing customer base.
Earnings per share have also shown an increase, soaring from PKR 5.05 to PKR 7.94. Additionally, the bank announced an interim cash dividend of Re. 1/- per share i.e. 10%. This is in addition to the interim cash dividend of Re. 1/- already paid during the year.
“Faysal Bank’s strong and consistent financial performance reaffirms the trust and confidence that clients place in the Bank’s stability and reliability.” said Mian Muhammad Younis, Chairman of Faysal Bank Limited.
Copyright Business Recorder, 2023
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