Faysal Bank reports strong financial results for Q1’24
Faysal Bank Limited (FBL), a prominent Islamic bank in
Pakistan, sustained its growth momentum in the first quarter of 2024, with
profit after tax doubling to PKR 6.5 billion compared to Q1 2023.
Earnings per share rose from PKR 2.12 to PKR 4.29, and the
bank declared an interim cash dividend of Re. 1/- per share, equivalent to 10%.
Total assets surged to a record high of PKR 1.5 trillion, with deposits
exceeding PKR 1.050 trillion and loans surpassing PKR 603 billion.
Read More Faysal
Bank Limited wins "Best Emerging Islamic Bank 2023" honors at GIFA
Awards
The Advance-to-Deposit Ratio (ADR) stood at a robust 55%,
while the Capital Adequacy Ratio reached 18.57%, comfortably exceeding
regulatory requirements.
The impressive financial performance and robust balance
sheet underscore Faysal Bank’s solid business fundamentals and prudent risk
management practices, reaffirming its position as a key player in the Islamic
banking sector.
Mian Muhammad Younis, Chairman of Faysal Bank, attributed
the Q1’24 results to the bank's strong foundations and the continued dedication
of the board and management. He expressed gratitude to the bank’s customers for
their unwavering support.
Read More Faysal
Bank partners with DataCheck to expedite lending decisions
Yousaf Hussain, President & CEO of Faysal Bank,
attributed the bank's success in Q1’24 to its customer-centric approach,
Shariah-compliant financial and digital products, and high-quality service. He
highlighted that the bank's solid fundamentals position it well for continued
growth, including network expansion initiatives.
Source: Pakistan Observer