Faysal Bank Records All-Time High Profit in 2022

Faysal Bank Limited (FBL) has joined the club of banks posting record financial results with an all-time high profit of Rs. 11.4 billion in 2022.

According to the financial results, the bank recorded a handsome profit growth of 36 percent year-on-year (YoY) in 2022 compared to a profit of Rs. 8.35 billion reported in 2021.

Faysal Bank Limited, newly transformed into a full-fledged Islamic bank, achieved the landmark of Rs. 1 trillion in balance sheet footings with a record profit before tax of Rs. 22.4 billion, 67 percent higher than the last year.

The board of directors of FBL, in their meeting held on February 23, 2023, approved the financial statements of the bank for the year ended December 31, 2022, and announced a final cash dividend of Rs. 1 per share i.e. 10 percent, bringing the total cash dividend for the year to Rs. 7 per share or 70 percent.

The bank has successfully completed the largest conversion of a conventional bank into an Islamic bank in history. This Islamic conversion is unprecedented not just in Pakistan, but all around the world and has been recognized by Islamic International Rating Agency (IIRA) as the largest in the world.

The Current Deposit momentum built over the last several quarters continued with a 29 percent growth over December 2021, reaching Rs. 277 billion. Total deposits increased by 21 percent over December 2021 which is 3 times the market growth in deposits. FBL’s net advances increased by 15 percent to Rs. 455 billion during the period, with the growth across all business segments.

FBL is well-positioned as a full-fledged Islamic bank and is ready to take on new challenges backed by a strong balance sheet and the vision to become the best customer-centric Islamic bank, driven by passion and belief. In addition, the bank plans to continue working towards bringing efficiencies, continuing deposit growth, and improving the quality of customer service. Alongside investment in branch infrastructure, the bank is focused on providing innovative digital solutions and investing in modern technologies to improve digital offerings and customer experience.