Karachi, August 24, 2023 – Faysal Bank Limited (FBL) has announced a remarkable surge in its half-yearly profits, with the profit after tax soaring to Rs7.53 billion for the period ending on June 30, 2023.
This impressive financial performance was disclosed in the bank’s recent financial statement submitted to the Pakistan Stock Exchange (PSX).
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Comparing the results with the same period of the previous year, Faysal Bank reported a remarkable 72 percent increase in profit after tax, with earnings reaching Rs4.38 billion for the corresponding period in 2022.
The unconsolidated financial report further reveals that the bank achieved earnings per share (EPS) of Rs4.96 for the half-year ending June 30, 2023, a significant rise from Rs2.89 reported during the same period in the previous year. This increase underscores the bank’s commitment to delivering value to its shareholders.
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In a meeting held on August 24, 2023, the board of directors of Faysal Bank Limited approved an interim cash dividend for the second quarter of 2023, which also covers the half-year ending June 30, 2023. Shareholders will receive a dividend of one rupee per share of Rs10 each, equivalent to 10 percent of the nominal value.
The financial statement highlights a substantial growth in the bank’s net income, which reached Rs30.73 billion for the half-year ending June 30, 2023, compared to Rs16.24 billion for the same period in the previous year. This robust income growth reflects the bank’s effective strategies and market positioning.
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However, the bank also reported an increase in operating expenses, which amounted to Rs17.69 billion for the period from January to June 2023. This represents a notable increase from the Rs12.21 billion recorded during the corresponding period in the previous year.
Faysal Bank’s strong performance in the first half of 2023 demonstrates its resilience and ability to navigate the challenging economic landscape. The bank’s focus on profitability and shareholder value has translated into substantial gains, making it a key player in Pakistan’s banking sector.
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These financial results position Faysal Bank Limited as a noteworthy player in Pakistan’s banking industry, with a promising outlook for the remainder of the year. The bank’s continued commitment to growth and excellence is expected to drive its success in the future.
