Faysal Bank Limited (FBL) Records Remarkable 103% Profit Surge in Q1 2024
Faysal Bank Limited (FBL) has announced an exceptional financial performance for the first quarter of 2024, showcasing a staggering 103% growth in profits. The bank’s profits soared to Rs 6.5 billion in comparison to the previous year’s Rs. 3.2 billion for the same period.
With earnings per share climbing from Rs. 2.12 to Rs. 4.29, FBL has also declared an interim cash dividend of Rs. 1 per share, marking a 10 percent payout.
The bank’s total assets reached an all-time high of Rs. 1.5 trillion, fueled by deposits exceeding Rs. 1.050 trillion and a loan book surpassing Rs. 603 billion. Impressively, the Advance-to-Deposit Ratio (ADR) stood at a robust 55 percent, while the Capital Adequacy Ratio remained strong at 18.57 percent, comfortably above regulatory requirements.
This stellar financial performance underscores FBL’s solid business fundamentals and prudent risk management practices, further cementing its position as a key player in the Islamic banking sector.
Mian Muhammad Younis, Chairman of Faysal Bank, expressed his satisfaction, stating, “The Q1’24 results reflect the strong foundations we’ve established as a leading Islamic bank, as well as the ongoing commitment of the Board and management.” He extended gratitude to the bank’s customers for their continued support.
Yousaf Hussain, President & CEO of Faysal Bank, attributed the impressive performance to the bank’s customer-centric approach, Shariah-compliant financial and digital products, and high-quality service. He remarked, “Our solid fundamentals position us well to pursue our accelerated growth plans, including network expansion.”
Faysal Bank’s remarkable performance in Q1 2024 signifies its resilience and competitiveness in the dynamic banking landscape, driving confidence among investors and stakeholders alike.
