Faysal Bank posts Rs.3.825b profit after tax

F.P. Report

KARACHI: Faysal Bank Limited (FBL) maintained profitability despite challenging business environment, low interest rates and below par stock exchange performance. FBL earned Profit after Tax of Rs. 3.825 billion in first nine months as against Rs. 3.748 billion of corresponding year. Bank improved its margins by reducing cost of deposits and increasing its lending book. Recoveries of non-performing loans resulted in net reversal of provisions of Rs. 765 million against charge of Rs. 285 million in the corresponding period last year. As a result, EPS of the Bank increased to Rs. 2.90 from Rs. 2.84.

FBL is engaged in Commercial, Retail, Corporate and Islamic banking activities.FBL is on the path of transforming the bank into an Islamic Financial Institution. Branches have been transformed to multiproduct selling hub so as to provide all banking facilities under one roof. FBL is focusing on technological advancement to support digital banking, asset growth, cost efficiency and transformation to Islamic banking.

Faysal Bank Limited was incorporated in Pakistan on October 3rd, 1994 as a public Limited company under the Companies Ordinance, 1984. The Bank’s shares are listed on Pakistan Stock Exchange. Faysal Bank is engaged in Commercial, Retail, Corporate and Islamic banking activities. The Pakistan Credit Rating Agency Limited (PACRA) and JCR-VIS Credit Rating Company Limited have determined the Bank’s long term rating as ‘AA’ and short term rating as ‘A1+’.

Faysal Bank’s footprint now spreads over more than 100 cities with over 365(including 158 Islamic) branches. With total assets in excess of PKR 444.5 billion, placing it amongst the significant players in Pakistan’s banking industry. Faysal Bank’s ambition is to provide par excellence service to its customers while meeting their financial needs.