KARACHI: Faysal Bank Limited, one of the prominent Islamic banks in Pakistan, has shown exuberant performance in the first quarter of the year, reflecting its strong business fundamentals and prudent risk management.

According to the financial report released by the Bank, the Bank’s net profit for the first quarter of 2023 was Rs 3.2 billion, which is a 51% increase compared to the same period last year.

The Bank’s total assets also increased to Rs. 1.13 trillion, representing a 5.5% growth compared to the first quarter of 2022. The Bank’s earnings per share (EPS) also showed impressive growth, increasing to Rs 2.12 per share. The Bank’s management attributes this growth to its diversified business model, sound credit policies, and efficient cost management.

Strong current deposit momentum built over several quarters continued and has reached Rs 305 billion, 10% growth over December 2022. Total deposits reached Rs 800 billion with CASA mix improving to 86% from 80% at December 2022. FBL’s net advances increased by 8% to Rs 489 billion, with growth across all lending businesses and improvement in ADR to 61%.

The Bank’s strong performance is a testament to its commitment to serving its customers and creating value for its shareholders. The Bank will continue to leverage its strengths and pursue growth opportunities to deliver sustainable value to all stakeholders.

Copyright Business Recorder, 2023