KARACHI: Faysal Bank Limited (FBL), one of the leading Islamic banks in Pakistan, continued with its growth stride and has announced robust financial results for the six months ended June 30, 2024.
The Bank reported a profit after tax (PAT) of Rs 13.3 billion, marking a substantial 76.3 percent increase compared to Rs 7.5 billion in the same period last year. Earnings per share increased from Rs 4.96 to Rs 8.74. Reflecting on this strong performance, the Bank declared an interim cash dividend of Re 2 per share, i.e. 20 percent.
Faysal Bank’s total assets were at Rs 1.4 trillion, with deposits increasing to Rs 1.1 trillion and net financing at Rs 575 billion. The bank maintained a healthy Advance-to-Deposit Ratio (ADR) at 54 percent, while its Capital Adequacy Ratio (CAR) stood at a solid 18.9 percent, comfortably exceeding regulatory requirement.
Mian Muhammad Younis, Chairman, Faysal Bank commenting on the results said, “Masha’Allah the results for H1’24 reflect the solid foundations we have built as a leading Islamic bank, along with the unwavering commitment of the Board and Management. With strong foundations in place, Faysal Bank is well-positioned to continue its accelerated growth and further consolidate itself as the best Islamic bank in Pakistan.”
Yousaf Hussain, President & CEO, Faysal Bank added, “Alhamdulillah, our sound financial performance and the strong balance sheet footing is reflective of FBL’s solid business fundamentals coupled with prudent risk management practices. These outcomes demonstrate our steadfast dedication to a customer-centric approach, complemented by our robust Shariah-compliant financial and digital offerings, and service quality.”
Copyright Business Recorder, 2024
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