Karachi, February 7, 2024 – Faysal Bank Limited has reported an impressive 77% surge in profit after tax for the calendar year 2023, marking a substantial increase from the preceding year.
In its consolidated financial results submitted to the Pakistan Stock Exchange (PSX), the bank revealed an annual profit after tax of Rs 20.25 billion, compared to Rs 11.44 billion in the previous year.
The stellar financial performance resulted in a significant boost to the earnings per share (EPS), which rose to Rs 13.34 for the year under review, up from Rs 7.54 in the preceding year. The board of directors, in a meeting on February 7, 2024, announced a final cash dividend for the year ended December 31, 2023, at Rs 2 per share of Rs 10 each, constituting 20 percent. This comes in addition to the 10 percent interim cash dividend for the second quarter (half year) ended June 30, 2023, and another 10 percent interim cash dividend for the third quarter ended September 30, 2023, which had already been paid to the shareholders.
According to the financial results, the net profit and returns for Faysal Bank reached an impressive Rs 71 billion in 2023, compared to the previous year’s Rs 40 billion. Other income, including fee and commission, along with foreign exchange income, contributed to the overall success, rising to Rs 9.43 billion and Rs 4.76 billion, respectively, for the year 2023.
As a result, the total income of the bank soared to Rs 84 billion for the year 2023, a substantial increase from Rs 49.52 billion in the preceding year. However, the growth in profitability was accompanied by an increase in operating expenses, which rose to Rs 40.25 billion compared to Rs 27.36 billion in the last year.
The profit before tax for Faysal Bank recorded at Rs 41.84 billion in 2023, showcasing a significant improvement from Rs 22.69 billion in the preceding year. The cost of taxation also experienced an uptick, reaching Rs 21.60 billion for the year 2023, compared to Rs 11.25 billion in the last year.
Faysal Bank’s financial results reflect a robust performance in a dynamic economic environment. The growth in profit and the declaration of dividends underscore the bank’s commitment to delivering value to its shareholders. The increased earnings and dividends are expected to reinforce investor confidence in Faysal Bank as it continues to navigate the evolving financial landscape.
With a resilient financial foundation, Faysal Bank positions itself as a key player in the banking sector, contributing to the overall economic stability and growth of Pakistan. As the bank continues its operations, stakeholders will be keenly observing its strategies and financial decisions in the ever-changing landscape of the financial industry.
