Faysal Bank Announces Two-Fold Profit Increase in 1Q2024

Faysal Bank Announces Two-Fold Profit Increase in 1Q2024

Karachi, April 28, 2024 – Faysal Bank Limited has revealed a doubling of its profit after tax for the first quarter of the calendar year 2024, in comparison to the same period in 2023.

The financial results, disclosed in a recent statement, highlight that the bank’s profit after tax soared to PKR 6.5 billion, up from the previous year’s figures. The earnings per share similarly rose sharply, moving from PKR 2.12 to PKR 4.29. In a gesture reflecting confidence in the bank’s robust financial health, Faysal Bank has declared an interim cash dividend of Re. 1 per share, which translates to a 10% dividend yield.

Faysal Bank, which has cemented its place as one of the premier Islamic banks in Pakistan, saw its total assets swell to a new peak of PKR 1.5 trillion. Deposits grew significantly to PKR 1.050 trillion, and the loan book expanded to over PKR 603 billion. The bank’s Advance-to-Deposit Ratio (ADR) stood at a healthy 55%, while maintaining a robust Capital Adequacy Ratio (CAR) of 18.57%, comfortably above the regulatory requirement.

These impressive figures are indicative of the bank’s solid business fundamentals and prudent risk management practices, which continue to underpin its financial stability and growth trajectory.

Mian Muhammad Younis, Chairman of Faysal Bank, commented on the stellar performance, stating, “Masha’Allah, the results for Q1’24 are a clear indication of the strong foundations that we have laid as a leading Islamic bank and continued commitment of the Board and management. I would also like to extend my gratitude to our customers, who have made Faysal Bank their top preference.”

Yousaf Hussain, President & CEO of Faysal Bank, also expressed his satisfaction with the quarterly results. “Alhamdolillah, our commendable performance in the first quarter of 2024 is a testament to the effective interplay of the bank’s customer-centric approach, coupled with our excellent Shariah-compliant financial and digital products and high-quality service. With such solid fundamentals, the bank is all set to continue with its accelerated growth plans, including network expansion.”

The impressive growth reported by Faysal Bank comes at a time when the banking sector is navigating various challenges, ranging from economic fluctuations to technological disruptions. The bank’s focus on integrating digital technology with traditional banking services has been particularly noteworthy, enabling it to enhance customer experiences and operational efficiencies.

Looking forward, Faysal Bank aims to leverage its strong market position to further expand its services across different segments, with particular emphasis on enhancing its digital footprint and reaching more customers through its expanding branch network.

With these positive first-quarter results, Faysal Bank is not just strengthening its market position but is also setting a robust example for resilience and innovation in the Islamic banking sector. As 2024 progresses, the bank appears well-poised to maintain its growth trajectory and contribute significantly to the broader financial landscape of Pakistan.