Faysal Bank Limited (FBL), continuing its aggressive plans in the financial sector, has injected Rs. 500 million in its subsidiary to scale up operations and business in Pakistan.
The bank, contrary to many of its competitors, is expanding its operations gradually maintaining its profitability with solid growth at a time when bigger banks are struggling to increase profits.
Last year, the bank enhanced its shareholding to 100 percent shares in its subsidiary. It acquired 2.99 million shares from an individual named Razi-ur-Rehman Khan, and 50 percent shareholding, i.e. 7.5 million shares from Islamic Investment Company of the Gulf (Bahamas) – a related party of Faysal Bank- at a rate of PKR 30 per share.
Now, the management, on the behalf of the bank, has made an injection of half a billion rupees in the subsidiary.
Faysal Bank Records Profit Growth of 25% in H1 2019
Faysal Bank recorded solid growth of 25 percent year-on-year in profitability. The bank made a profit of Rs. 3.02 billion in the first half of 2019 compared to Rs. 2.41 billion in the same period last year.
The bank’s earning through interest and non-interest revenues grew tremendously which pushed up its profit growth for H1 2019.
The bank will continue to follow its strategy of a branch network expansion to increase its customer reach. FAML acquisition has enhanced FBL’s products offerings, as funds management and advisory services are now available through the FAML platform. Faysal Bank is on the path of structured growth with an emphasis on building low-cost core deposits.
The bank’s footprint is now spread over 150 cities with 455 branches (with 255 Islamic branches including 01 sub-branch). Faysal Bank has placed 458 ATMs all over the country for the convenience of its customers.
What is the name of the subsidiary?