Karachi: Faysal Bank Limited (FBL), a leading Islamic bank in Pakistan, has announced its financial results for the first half of 2024, showcasing robust growth and solid financial performance. The Bank reported a Profit After Tax (PAT) of PKR 13.3 billion for the six months ended June 30, 2024, marking a remarkable 76.3% increase from PKR 7.5 billion in the same period last year.
This impressive growth in profitability was reflected in the Bank’s Earnings Per Share (EPS), which rose from PKR 4.96 to PKR 8.74. In light of these strong results, the Bank declared an interim cash dividend of PKR 2 per share, translating to a 20% payout.
Faysal Bank’s total assets reached PKR 1.4 trillion, with deposits growing to PKR 1.1 trillion and net financing at PKR 575 billion. The Bank maintained a healthy Advance-to-Deposit Ratio (ADR) of 54%, while its Capital Adequacy Ratio (CAR) stood at a solid 18.9%, comfortably exceeding regulatory requirements.
Commenting on the results, Mian Muhammad Younis, Chairman of Faysal Bank, stated, “Masha’Allah, the results for H1’24 reflect the solid foundations we have built as a leading Islamic bank, along with the unwavering commitment of the Board and Management. With strong foundations in place, Faysal Bank is well-positioned to continue its accelerated growth and further consolidate itself as the best Islamic bank in Pakistan.”
Yousaf Hussain, President & CEO of Faysal Bank, added, “Alhamdulillah, our sound financial performance and the strong balance sheet footing reflect FBL’s solid business fundamentals coupled with prudent risk management practices. These outcomes demonstrate our steadfast dedication to a customer-centric approach, complemented by our robust Shariah-compliant financial and digital offerings, and service quality. We extend our heartfelt gratitude to our customers for entrusting FBL as their preferred financial partner.”
Faysal Bank’s consistent growth and strategic focus on Islamic banking continue to position it as a key player in Pakistan’s financial landscape.
