Faysal Bank Limited (FBL) announces strong financial results for
1H-2023
Faysal Bank Limited, a prominent Islamic bank in Pakistan, has
demonstrated robust performance in the first half of the year, reflecting its
solid business fundamentals and effective risk management.
As per the financial report released by the bank, FBL achieved a
net profit of Rs 7.5 billion, showcasing an impressive 72 percent increase
compared to the same period last year. The earnings per share also witnessed a
notable rise, surging from Rs 2.89 to Rs 4.96. Additionally, the bank announced
an interim cash dividend of Re. 1 per share, which equals 10 percent.
The bank's total assets experienced a remarkable 14 percent
surge, reaching Rs 1.2 trillion, compared to December 2022. This expansion
underscores FBL's strong foundation and its capacity to seize opportunities
while prudently managing risks.
FBL's diversified business model, along with sound credit
policies, played a pivotal role in driving this growth. The bank's net advances
surged by 15% to reach Rs 521 billion, indicating growth across all lending
businesses. FBL's Advance-to-Deposit Ratio (ADR) stands at an impressive 57
percent, highlighting its dedication to supporting economic growth and national
development.
Deposits have risen by 16 percent, reaching Rs 908 billion,
further reaffirming clients' trust and confidence in the bank's stability and
reliability. The upward trajectory of Current Accounts (CA), observed over the
past few quarters, continued, reaching Rs 330 billion, signifying a 19 percent
growth from December 2022. This accomplishment not only bolsters the bank's
financial position but also underscores its commitment to meeting evolving
customer needs.
Yousaf Hussain, CEO of Faysal Bank Limited, remarked,
"Faysal Bank's impressive financial performance in the first half of 2023
reflects our dedication to our customers, shareholders, and the principles of
Islamic banking. We remain committed to delivering sustainable value and
fostering trust. We will continue to leverage our strengths, identify growth
opportunities, and contribute to the prosperity of our stakeholders."
Source: Business Recorder