Faysal Bank Limited (FBL) a prominent Islamic bank in Pakistan, has shown strong performance in the inaugural year as an Islamic Bank, showcasing its healthy business fundamentals as well as prudent risk management.
The Bank’s recently published financial report reveals that FBL has doubled the operating profit and reached PKR 42.3 billion along with a key milestone of achieving a 1 trillion mark in deposits. The Bank is now positioned as a key player in Pakistan’s Islamic banking sector. On a standalone basis, FBL has set a new record with a Profit Before Tax (PBT) of PKR 41.4 billion, 85% higher than PKR 22.4 billion in the last year. FBL’s net profit reached PKR 20.0 billion and an impressive growth of around 80%.
Earnings per share have shown an increase, from PKR 7.40 to PKR 13.21. Additionally, the Bank declared a final cash dividend of Rs. 2/- per share i.e. 20%. This in in addition to the interim cash dividend of Rs. 2/- already paid during the year.
The Bank’s total assets witnessed a 27.5% increase, reaching PKR 1.4 trillion, compared to Dec 2022. FBL’s expansion is a testament to its strong foundation and its commitment to play its role in the economic development of the country, while maintaining a prudent approach to risk management. FBL’s strong and diversified business model, along with proactive credit policies, has been pivotal in driving growth
Main Muhammad Younis, Chairman of Faysal Bank on this occasion said, “This significant milestone of achieving PKR 1 trillion in deposits marks a reaffirmation of trust and confidence reposed in us by our customers.” He added that “We look forward to continuing this journey of excellence, innovation, and best in class Shariah Compliant Islamic Banking, ensuring a positive impact on all our stakeholders.”
