Karachi, October 27, 2023 – Faysal Bank Limited (FBL), a prominent Islamic bank in Pakistan, has reported an outstanding achievement with a remarkable 100% growth in operating profit during the first nine months of the current year.
The financial results, recently disclosed by the bank, demonstrate a robust financial performance marked by prudent risk management and strong business fundamentals.
The bank’s operating profit for this period reached an impressive PKR 28 billion, exhibiting substantial growth compared to the same period in the previous year. In addition, FBL recorded a net profit of PKR 12 billion, underlining its commitment to maintaining a solid financial foundation and delivering value to its stakeholders.
The bank’s financial report for the first three quarters of the year highlights its consistent strong performance across various key metrics. FBL’s total assets surged to PKR 1.3 trillion, showcasing the bank’s commitment to growth and capitalizing on opportunities while ensuring responsible risk management.
Net advances saw a significant increase, reaching nearly half a trillion PKR, reflecting growth in all lending segments. This growth underscores the bank’s ability to support diverse lending needs while adhering to a cautious approach towards risk management.
Deposits witnessed a substantial increase of 21.5%, reaching a total of PKR 950 billion. Current Accounts, a pivotal indicator of customer engagement, grew by 20% and amounted to PKR 332 billion. These achievements reinforce the bank’s robust financial position and its capability to cater to the evolving requirements of its expanding customer base.
The bank’s earnings per share also displayed a substantial rise, surging from PKR 5.05 to PKR 7.94. To further enhance value for its shareholders, FBL announced an interim cash dividend of Re. 1 per share, equivalent to 10%. This is in addition to the interim cash dividend of Re. 1 already distributed during the year.
Mian Muhammad Younis, Chairman of Faysal Bank Limited, expressed his views on the remarkable financial performance, stating, “Faysal Bank’s strong and consistent financial performance reaffirms the trust and confidence that clients place in the Bank’s stability and reliability.” He added that the bank remains dedicated to delivering sustainable value to its customers and shareholders through ongoing network expansion, innovative customer-centric product offerings, technology-driven solutions, and an unwavering commitment to customer well-being in accordance with Shariah principles. This unwavering commitment has solidified FBL’s position as the leading Islamic bank in Pakistan.
Faysal Bank’s financial success in 9MCY23 not only signifies its financial strength but also underscores its commitment to serving the diverse financial needs of its customers and contributing positively to the banking sector in Pakistan. With a strong emphasis on ethical banking practices, innovative solutions, and responsible growth, FBL continues to be a trusted partner for customers seeking Islamic banking services.
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