News Desk
Faysal Bank, one of the leading Islamic banks in Pakistan, continued with its growth stride during the first quarter of 2024, according to a press release.
The bank profit after tax doubled to Rs6.5 billion as compared to the corresponding period in 2023. Earnings per share increased from Rs2.12 to Rs4.29.
The bank also declared an interim cash dividend of Re.1 per share, i.e. 10%. The total assets reached a new high of Rs1.5 trillion, with deposits increasing to Rs1.050 trillion and loan book exceeded Rs603 billion. Advance-to-Deposit Ratio (ADR) was at a healthy 55%, while its Capital Adequacy Ratio stood at 18.57%, well above the regulatory requirement.
The sound financial performance and the strong balance-sheet footing is reflective of the bank’s solid business fundamentals coupled with prudent risk management practices. It further solidifies the bank’s position as a key player within the Islamic banking segment, the presser read.
Faysal Bank chairperson Mian Muhammad Younis commenting on the performance of the bank said, “the results for Q1’24 are a clear indication of the strong foundations that we have laid as a leading Islamic bank and continued commitment of the board and management.”
This was also echoed by the bank’s president and CEO Yousuf Hussain. He said the good performance in the first quarter of 2024 was a testament to the sound interplay of the bank’s customer-centric approach coupled with excellent Shariah compliant financial and digital products and high quality service. Because of such solid fundamentals, the bank is all set to continue with its accelerated growth plans including network expansion.”