The Faysal Bank Limited (FBL) has reported a profit before tax (PBT) of Rs50.4 billion, 22% higher than Rs41.4 billion in the last year, as it announced the financial results for the year ended 2024.
“The bank’s net profit reached Rs23 billion and growth was confined to 15% due to the imposition of additional income tax,” the Islamic bank said in a press release.
Earnings per share increased from Rs13.21 to Rs15.17, it said and added that the bank also declared a final cash dividend of Rs2.5 per share, ie 25%. The total dividend for 2024 reached Rs7 per share or 70%. Furthermore, the bank’s total assets stood at Rs1.6 trillion, deposits at more than Rs1 trillion and net financing at Rs634 billion.
Moreover, the bank has an advance-to-deposit ratio of 64.6% and a capital adequacy ratio of 16.5%.
“Masha’Allah, our results for 2024 reflect the strong foundations we have built as a leading Islamic bank, coupled with the unwavering commitment of the board, management and employees,” Mian Muhammad Younis, the Faysal Bank chairman, said.
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He expressed his gratitude to customers for their trust and partnership.
FBL President and CEO Yousaf Hussain also spoke on the same wavelength and hailed its customer-centric approach and “innovative Shariah-compliant financial and digital products with best-in-class service” service.
“With these strong fundamentals, the bank is well-positioned to maintain its growth momentum and operate at maximum potential,” he said.
