KARACHI: Faysal Bank Limited on Thursday declared Rs11.44 billion annual after tax profit for calendar year ended December 31, 2022.
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Faysal Bank signs deal to facilitate interest-free buying of Apple products
Faysal Bank and Mercantile Pakistan have signed a deal for providing interest-free Apple products under Buy Now Pay Later (BNPL).
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Faysal Bank signs agreement to facilitate foreign trade
KARACHI: Faysal Bank Limited has signed an agreement to facilitate foreign trade in an automated environment, according to a statement issued Thursday.
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SBP grants Islamic banking license to Faysal Bank
KARACHI: State Bank of Pakistan (SBP) on Friday granted license of Islamic banking license to Faysal Bank Limited.
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FBL awarded with best Islamic retail bank in Pakistan
KARACHI: Faysal Bank Limited (FBL) has been awarded with the best Islamic retail bank in Pakistan, a statement said on Tuesday.
With a keen focus on offering innovative Islamic retail banking products and services, Faysal Bank Limited (FBL) has been at the forefront of setting new benchmarks in the Islamic retail banking industry in Pakistan.
In recognition of the bank’s continued efforts, Faysal Bank was recently conferred the prestigious title of Best Islamic Retail Bank in Pakistan 2022 by the Awards Committee of the 8th Islamic Retail Banking Awards (IRBA) organized by Cambridge IFA at a ceremony held in Jakarta, Indonesia.
Commenting on the occasion, Yousaf Hussain, President and CEO of Faysal Bank said: “Alhamdolilah. We are humbled. This global recognition is because of the excellence achieved through belief, dedication, commitment and concerted efforts by the entire Faysal Bank team.
“It is due to the trust of our customers, who believe in our values and services as a leading Islamic Bank. We owe it to our Board of Directors for their strategic guidance and support. It is the beginning of our new journey as a full Islamic Bank…many more to come, Insha’Allah.”
FBL carries the highest local Sharia rating of SCFR1 by the International Islamic Rating Agency (IIRA) and provides the best and widest range of Shariah compliant banking products and services to meet their customer’s Halal banking needs with convenience. With an expanding network of almost 700 Islamic branches, Faysal Bank has a footprint in 253 cities/towns across Pakistan.
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CFA society declares FBL as best bank
KARACHI: CFA Society has declared Faysal Bank Limited (FBL) as the best bank of the year 2021.
CFA Society Pakistan hosted the 19th edition of its prestigious Annual Excellence Awards in Karachi to recognize the outstanding performances of financial institutions, corporates and professionals. Faysal Bank Limited (FBL) was declared “Best Bank of the Year 2021” amongst mid-size banks of the country.
Yousaf Hussain – President & CEO, Faysal Bank Limited received the award from Jameel Ahmed – Governor, State Bank of Pakistan who graced the occasion as the Chief Guest.
Speaking on the occasion, Hussain said: “Alhamdolillah, we at Faysal Bank are honored and thankful to Allah Almighty for this coveted award. Our recognition today is a culmination of our journey of belief, planning, commitment and dedication, supported all the way by our Sponsors, Board of Directors, State Bank of Pakistan, employees and above all our customers.”
FBL carries the highest local Sharia rating of SCFR1 by the International Islamic Rating Agency and provides the best and widest range of Shariah compliant banking products and services to meet their customer’s Halal banking needs with convenience.
With an expanding network of almost 700 Islamic branches, Faysal Bank has a footprint in 253 cities/towns across Pakistan.
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Faysal Bank, Bank of Khyber partner to offer digital payment services
Faysal Bank Limited (FBL) and Bank of Khyber have partnered to launch a suite of digital financial services featuring virtual and debit card services along with added digital payment solutions.
Faysal Bank through its Fintech Express Program is driven by creating partnerships with Banks and Fintech to further encourage State Bank of Pakistan’s (SBP) financial inclusion initiative in Pakistan.
Faysal Banks Fintech Express Program is focused on identifying financial institutions and aiding their customers’ digital journey through innovative technologies. With this partnership, Bank of Khyber will leverage Faysal Bank’s Fintech Express Program to accelerate the customers’ digital journey and provide its customer accessibility to a host of digital solutions to aid their banking needs.
Speaking at the signing ceremony, Yousaf Hussain, CEO, FBL said, “Faysal Bank wants to be the cornerstone of the digital product revolution in Pakistan. We continue to focus on developing and strengthening ecosystem partnerships with multiple players that bring expertise and economies of scale in their respective domains. Faysal Bank’s agreement with Bank of Khyber demonstrates our commitment to facilitate other banks and startups in Pakistan.”
Speaking at the occasion, Ali Gulfaraz, Managing Director and CEO, BoK, said: “Bank of Khyber is committed to delivering ease, convenience, and universal acceptability to our customers to transact and make payments across all channels. The partnership between Faysal Bank and Bank of Khyber will help us strengthen the BoK digital ecosystem by onboarding international payment schemes and digital services that will provide a comprehensive range of payment solutions to our customers.”
The signing ceremony held at Faysal Bank, Karachi was also attended by Amin Ur Rahman, Chief Digital Officer and Fahad Mirza, Head of Digital Ecosystems & Partnerships, Faysal Bank Limited, and Asim Bashir, Group Head Digital & Consumer Banking from Bank of Khyber.
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Faysal Bank enables donations through WhatsApp
KARACHI: Faysal Bank Limited as part of its digital transformation journey has introduced a new innovative feature of Donation Payments via its WhatsApp banking channel.
Faysal Islami WhatsApp Banking enables its subscribers to make real-time donation payments to over 25 reputable charitable organizations such as SKMT, TCF, SIUT, Indus Hospital, Alamgir Welfare Trust and Pink Ribbon to mention only a few.
The launch of the Donations Payments services through WhatsApp banking channel of Faysal Bank could not have come at a more opportune time as October is the month of breast cancer awareness and major donation drives towards this cause.
Speaking on the occasion of the launch, Shaheryar Saeed Khan, Chief Digital Officer, Faysal Bank Limited said, “With the wide-spread use of the Faysal Islami WhatsApp channel, the Bank intends to better serve its diverse customers by introducing more and more innovative features to it.”
Present at the occasion Omer Aftab, Chief Executive Officer, Pink Ribbon said, “The launch of this innovative feature by Faysal Bank Limited will enable us to promote the cause of breast cancer awareness and facilitating quick and easy donation payments by all.”
The event was attended by other senior team members of both organizations.
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Faysal Bank posts 51% growth in profit before tax
Faysal Bank Limited has posted a massive growth of 51 per cent in its profit before tax for nine months period ended September 30, 2022.
According to a statement issued on Tuesday, Faysal Bank Limited achieved the landmark of Rs1 trillion mark in balance sheet footings with a record profit before tax of Rs15.0 billion, 51 per cent higher than the corresponding period last year
The Board of Directors of Faysal Bank Limited (FBL), in their meeting held on October 27, 2022, approved the financial statements of the Bank for the nine months ended September 30, 2022 and announced an interim cash dividend of Rs. 5.50 per share i.e. 55 per cent. This is in addition to interim cash dividend for the second quarter ended June 30, 2022 already paid at Rs. 0.50 per share i.e. 5 per cent.
The bank is very close to the completion of the requirements of converting Faysal Bank Limited into a full-fledged Islamic bank. Accordingly, all the Non-Shariah Compliant retained earnings of the Bank are being distributed to the shareholders as cash dividend.
FBL has delivered exuberant performance in the nine months of 2022 with a Profit Before Tax (PBT) of Rs. 15.0 billion, 51 per cent higher than the Rs. 9.9 billion in the corresponding period last year. However, the increase in Profit After Tax (PAT) is restricted to 26 per cent from Rs. 6.1 billion in 9m’21 to Rs. 7.7 billion in first nine months of 2022 on the back of extremely high and retrospective tax measures announced in the federal budget.
Current deposit momentum built over last several quarters continued and has reached Rs. 274 billion, 27 per cent growth over December 2021. Total deposits increased by 13 per cent over December 2021 with CASA mix improving to 80 per cent from 75 per cent at December 2021. FBL’s net advances increased by 18 per cent to Rs. 468 billion, with the growth across all lending businesses and improvement in ADR to 65 per cent as at September 2022. Despite the prevailing uncertainty, FBL is committed to its strategy for conversion into Islamic bank and have applied to SBP for issuance of Islamic Banking License.
The Bank continued to deliver on growth objectives and increased the total revenue by 33 per cent over 9m’21 to Rs. 33.6 billion. Non markup expenses of the bank have increased by 27 per cent over 9m’21 while the cost to income ratio has improved from 60 per cent in 9m’21 to 57 per cent in 9m’22. Net provision for 9m’22 reflected reversals of Rs. 0.7 billion while infection ratio continued to reduce and is at 4.6 per cent with total coverage at 89.5 per cent.
FBL will continue to invest in expanding the footprints by network expansion and is planning to open another 50+ branches in Q4’22 with an objective to reach the branch network to 700+ by the end of this year. The bank will continue to reshape banking experience by improving the quality of customer service, providing innovative digital solutions and will continue to invest in modern technologies to improve digital offerings and customer experience.
FBL was incorporated in Pakistan on October 3, 1994 as a public limited company and its shares are listed on Pakistan Stock Exchange. FBL offers a wide range of modern banking services to all customer segments, i.e., Retail, Small & Medium Sized Enterprises, Commercial, Agri-based, and Corporate.
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SBP imposes over Rs290 million as penalty on six commercial banks
KARACHI: State Bank of Pakistan (SBP) on Friday imposed over Rs290 million as monetary penalty on six commercial banks for violating regulatory instructions pertaining to Customer Due Diligence (CDD) and Know Your Customer (KYC) during quarter ended September 30, 2022.
The central bank imposed the monetary penalty on commercial banks included: Bank Al Habib Limited; Meezan Bank Limited; National Bank of Pakistan; MCB Bank Limited; JS Bank Limited; and Faysal Bank Limited.
The highest amount of penalty of Rs140.03 million has been imposed on Bank Al Habib Limited for violating regulatory instructions pertaining to CDD/KYC, Asset Quality, Foreign Exchange and general banking operations.
The SBP directed Bank Al Habib Limited that besides payment of monetary penalty it should strengthen its control/process in the identified areas.
The second highest penalty of Rs81.72 million has been imposed on Meezan Bank Limited for the same regulatory violations. The SBP also imposed penalties, included: Rs25.875 million on National Bank of Pakistan; Rs19.223 million on MCB Bank Limited; Rs13.49 million on JS Bank Limited; and Rs10.025 million on Faysal Bank Limited.
The SBP from July 2019 started public disclosure of penal action against banks. “Enforcement actions are an integral part of the regulatory regime which involves imposition of monetary penalties and other actions against institutions and individuals for violations of laws, rules, regulations, guidelines or directives issued by SBP from time to time,” according to a circular issued by the central bank.
In order to bring more transparency and strengthen market discipline, SBP has decided to publicly disclose significant enforcement actions.