Faysal Bank doubles operating profit to Rs42.3bn for 2023

KARACHI: 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 addition to the interim cash dividend of Rs2/- 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

Mian 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, “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.”

Yousaf Hussain, President & CEO of Faysal Bank said, “We are grateful for the unwavering support from all our stakeholders, which has been a driving force behind this unprecedented journey of growth of Faysal Bank. It is our aspiration to not only sustain this momentum but to elevate Faysal Bank to the pinnacle of excellence in Islamic Banking whist focusing on our strong and growing customer base and through our customer centric products and services.”

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