Faysal Bank Limited (FBL) has reported an impressive growth of over 103% in profits during the first quarter of 2024, soaring to Rs 6.5 billion compared to Rs. 3.2 billion in the corresponding quarter last year.
The bank’s earnings per share surged from Rs. 2.12 to Rs. 4.29, and it declared an interim cash dividend of Rs. 1/- per share, equivalent to 10 percent.
Total assets reached a milestone of Rs. 1.5 trillion, with deposits increasing to Rs. 1.050 trillion and a loan book exceeding Rs. 603 billion. FBL maintained a healthy Advance-to-Deposit Ratio (ADR) of 55 percent and a robust Capital Adequacy Ratio of 18.57 percent, well above regulatory requirements.
This strong financial performance, backed by a solid balance sheet, underscores FBL’s strong business fundamentals and prudent risk management practices. It reaffirms the bank’s position as a prominent player in the Islamic banking sector.
Mian Muhammad Younis, Chairman of Faysal Bank, expressed satisfaction with the bank’s performance, attributing it to the institution’s strong foundations and ongoing commitment. He also extended gratitude to FBL’s customers for their continued trust and support.
Yousaf Hussain, President & CEO of Faysal Bank, attributed the bank’s success to its customer-centric approach, innovative Shariah-compliant financial products, digital services, and high-quality customer service. He highlighted FBL’s readiness for continued growth, including plans for network expansion, supported by its solid fundamentals.