Faysal Bank Limited (FBL) reported over 103% profit growth in the first quarter of 2024, which surged to Rs 6.5 billion as compared to profit of last year’s quarter which stood at Rs. 3.2 billion.
The bank’s earnings per share increased from Rs. 2.12 to Rs. 4.29, while the bank also declared an interim cash dividend of Rs. 1/- per share, i.e. 10 percent.
The total assets reached a new high of Rs. 1.5 trillion, with deposits increasing to Rs. 1.050 trillion and loan book in excess of Rs. 603 billion. Advance-to-Deposit Ratio (ADR) was at a healthy 55 percent, while its Capital Adequacy Ratio stood at 18.57 percent, well above the regulatory requirement.
The sound financial performance and the strong balance sheet footing is reflective of the Bank’s solid business fundamentals coupled with prudent risk management practices. It further solidifies the bank’s position as a key player within the Islamic banking segment.
Mian Muhammad Younis, Chairman of Faysal Bank commenting on the performance of the Bank said, “Masha’Allah the results for Q1’24 are a clear indication of the strong foundations that we have laid as a leading Islamic bank and continued commitment of the Board and management.” He further thanked the Bank’s customers for making Faysal Bank their top preference.”
Yousaf Hussain, President & CEO of Faysal Bank said “Alhamdolillah, our good performance in the first quarter of 2024 is a testament to the sound interplay of the Bank’s customer-centric approach coupled with excellent Shariah-compliant financial and digital products and high quality service. Because of such solid fundamentals, the Bank is all set to continue with its accelerated growth plans including network expansion.”
