Faysal Bank’s profit surges 60%, clocks in at Rs7bn in Apr-June

Faysal Bank posted a consolidated profit after tax of Rs6.95 billion for the quarter ended June 30, 2024, nearly 60% higher than the Rs4.35 billion recorded in the same period of the previous year.

As per the financial results provided to the Pakistan Stock Exchange (PSX) on Wednesday, Faysal Bank announced an earning per share (EPS) of Rs4.58, as compared to EPS of Rs2.87 in SPLY.

In addition, the Board of Directors of Faysal Bank Limited announced an interim cash dividend of Rs2 per share of Rs10 each i.e. 20%. This is in addition to 10% interim cash dividend for the quarter ending March 31, 2024.

Faysal Bank’s profit surges 76% in 6MCY23

The net profit/return rose from Rs17.69 billion in 2QCY23 to Rs19.57 billion in 2QCY24, an increase of over 10%.

Among other income, the fee and commission income earned by Faysal Bank in 2QCY24 amounted to Rs3 billion, a surge of nearly 37% against Rs2.2 billion earned in the same period last year.

Faysal Bank’s foreign exchange income surged by over 100% on a yearly basis, from Rs587.6 million to Rs1.2 billion in 2QCY24.

The other income earned by the bank also nearly doubled as it jumped to Rs4.71 billion in 2QCY24 from Rs2.36 billion in SPLY.

During 2QCY24, operating expenses of the firm amounted to Rs11.26 billion, up 13% against Rs9.99 billion in SPLY.

The firm reported a sharp hike in expenditure on worker welfare fund during the period. Faysal Bank spent Rs177.88 million under this head in 2QCY23 and Rs272.34 million in 2QCY24.

As a result, the bank’s profit before tax clocked in at Rs13.62 billion in 2QCY24, up over 53%.

During the period, Faysal Bank paid Rs6.67 billion in taxes.