Faysal Bank Limited announced its financial results for the nine months ended September 30, 2020.
Despite the disruption to business activities during the period due to COVID 19, the Bank reported a profit after tax of Rs. 5.515 billion for the current period which was 24.6% higher than the same period last year. It had booked a profit of Rs. 4.42 billion in the same period last year.
The Bank’s EPS was recorded at Rs. 3.63 per share for the current reporting period, compared to Rs. 2.92 for the prior period.
Deposits showed healthy growth of 12.4% when compared to December 31, 2019, ending at Rs. 514,636 million as of September 30, 2020. The Bank continued to concentrate on reducing funding costs by focusing on low-cost current and saving deposits and consequently its current deposit ratio improved to 36.1%.
As part of the prudent risk management approach required in view of the current economic environment, the Bank has recorded net provisions of Rs. 2.082 billion resulting in an improvement in its provision coverage to 84.8%.
The Bank remains committed to providing top-class services to customers in these testing times, through improved and enhanced offerings from alternate delivery channels and digital platforms.