Faysal Bank posts Rs3.825bn Pre Tax Profit in 9 months

KARACHI: Faysal Bank Limited (FBL) maintained profitability despite challenging business environment, low interest rates and below par stock exchange performance.

A statement on Wednesday said that FBL earned Pre-tax profit of Rs. 3.825 billion in first nine months as against Rs. 3.748 billion of corresponding year.

It said that the bank improved its margins by reducing cost of deposits and increasing its lending book. Recoveries of non-performing loans resulted in net reversal of provisions of Rs. 765 million against charge of Rs. 285 million in the corresponding period last year.

As a result, the EPS of the Bank increased to Rs. 2.90 from Rs. 2.84.

FBL is engaged in Commercial, Retail, Corporate and Islamic banking activities and it is on the path of transforming the bank into an Islamic Financial Institution.

Branches have been transformed to multi-product selling hub so as to provide all banking facilities under one roof.

FBL is focusing on technological advancement to support digital banking, asset growth, cost efficiency and transformation to Islamic banking.