Faysal Bank Limited, one of the leading Islamic banks in Pakistan, has reported a remarkable 51% year-on-year increase in net profit for Q1 2023.
The Bank’s financial report reveals that its net profit during this period surged to Rs. 3.2 billion, and total assets grew by 5.5% to reach Rs. 1.13 trillion. This growth can be attributed to the Bank’s diversified business model, solid credit policies, and efficient cost management.
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FBL also recorded a notable increase in earnings per share (EPS), reaching Rs. 2.12 per share. The Bank continued to maintain its strong momentum of current deposits, reaching Rs. 305 billion, a 10% increase from December 2022.
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Moreover, total deposits increased to Rs. 800 billion, with an improvement in CASA mix to 86% from 80% at the end of December 2022. FBL’s net advances also grew by 8% to Rs. 489 billion, with growth seen across all lending businesses, and an improvement in ADR to 61%.
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Faysal Bank’s impressive performance reflects its commitment to serving its customers and creating value for its shareholders. The Bank will continue to leverage its strengths and explore growth opportunities to provide sustainable value to all stakeholders.
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FBL, a public limited company incorporated in 1994 and listed on the Pakistan Stock Exchange, offers modern Shariah-compliant banking services to various customer segments, including Retail, Small & Medium Sized Enterprises, Commercial, Agri-based, and Corporate.
