Faysal Bank declares Rs11.44 billion annual after tax profit for CY22

KARACHI: Faysal Bank Limited on Thursday declared Rs11.44 billion annual after tax profit for calendar year ended December 31, 2022.

The after tax profit of the bank posted significant growth of 34 per cent when compared with the net profit of Rs8.35 billion in the preceding year.

Earnings per share (EPS) of the bank have been announced at Rs7.54 for the year under review when compared with EPS Rs5.5 in the preceding year, according to consolidated financial account submitted to Pakistan Stock Exchange (PSX).

Board of Directors of Faysal Bank Limited at its meeting held on February 23, 2023 recommended final cash dividend for the year ended December 31, 2022 at Re 1 per share of Rs10 each i.e. 10 per cent. This is in addition to 5 per cent interim cash dividend for the second quarter (half year) ended June 30, 2022 and 55 per cnet interim cash dividend for the third quarter ended September 30, 2022.

Net Mark-up/interest income of the bank increased to Rs40 billion for the calendar year 2022 when compared with Rs25.84 billion in the preceding year.

Non Mark-up/interest income also increased to Rs9.53 billion for the year under review as compared with Rs8.92 billion in the calendar year 2021. Out of which the bank suffered Rs1.48 billion losses on securities as compared with gain of Rs291 million.

Total income of the bank came at Rs49.52 billion for the year ended December 31, 2022 when compared with Rs34.75 billion in the preceding year.

Operating expenses of the bank increased to Rs27.36 billion in the calendar year 2022 as compared with Rs20.79 billion in the preceding year.

Profit before tax of the bank was recorded at Rs22.69 billion for the year ended December 31, 2022 when compared with Rs13.69 billion.

The bank paid income tax amounting Rs11.25 billion during the year under review as compared with Rs5.34 billion in the preceding year.