KARACHI: Faysal Bank Limited, one of the prominent Islamic banks in Pakistan, has shown stellar performance in the first half of the year, reflecting its robust business fundamentals as well as prudent risk management.
According to the financial report released by the Bank, FBL achieved net profit of Rs 7.5 billion, marking an impressive 72 percent increase over the same period last year. The earnings per share also demonstrated a commendable rise, soaring from Rs 2.89 to Rs 4.96 and announced an interim cash dividend of Re. 1 per share i.e. 10 percent.
The Bank’s total assets experienced a remarkable 14 percent surge, reaching Rs 1.2 trillion, compared to Dec 2022. This expansion reflects FBL’s solid foundation and its ability to seize opportunities while managing risks prudently.
FBL’s diversified business model, coupled with sound credit policies, played a pivotal role in driving this growth. FBL’s net advances surged by 15% to reach Rs 521 billion, reflecting growth across all lending businesses. The bank’s Advance-to-Deposit Ratio (ADR) stands at an impressive 57 percent, illustrating its commitment to supporting the economic growth and development of the nation.
Deposits have increased by 16 percent and reached Rs 908 billion, further reaffirming the trust and confidence that clients place in the Bank’s stability and reliability. The upward trend in Current Accounts (CA) seen over past few quarters continued, reaching Rs 330 billion, indicating a 19 percent growth over Dec 2022. This achievement not only strengthens the bank’s financial position but also underscores its commitment to meeting the evolving needs of its customers.
“Faysal Bank’s remarkable financial performance in the first half of 2023 is a reflection of our commitment to our customers, shareholders, and the principles of Islamic banking. We are dedicated to delivering sustainable value and nurturing trust,” said Yousaf Hussain, CEO of Faysal Bank Limited.
“We will continue leveraging our strengths and identifying growth opportunities to further enhance the financial landscape and contribute to the prosperity of our stakeholders.”
Copyright Business Recorder, 2023
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