Faysal Bank Unveils Strong Financial Results for FY 2024
Karachi: Faysal Bank Limited (FBL) sustained its success trajectory in 2024, showcasing remarkable financial strength and operational efficiency. Marking its second year as a fully established Islamic bank, FBL has unveiled outstanding financial results for the fiscal year 2024. On an individual basis, the bank reported a Profit Before Tax (PBT) of PKR 50.4 billion, reflecting a 22% increase compared to PKR 41.4 billion in the previous year.
The bank’s net earnings stood at PKR 23.0 billion, with growth limited to 15% due to the implementation of additional income tax. Earnings Per Share (EPS) climbed from PKR 13.21 to PKR 15.17. In light of this robust performance, the bank has also announced a final cash dividend of PKR 2.5 per share (25%), bringing the total dividend payout for 2024 to PKR 7.0 per share (70%). Additionally, the bank’s total assets reached PKR 1.6 trillion, total deposits surpassed PKR 1 trillion, and net financing stood at PKR 634 billion.Few Banks at Deep Discount Despite Rally
FBL maintained a healthy Advance to Deposit Ratio (ADR) of 64.6%, while its Capital Adequacy Ratio (CAR) stood at a solid 16.5%, comfortably exceeding regulatory requirements.
Expressing his appreciation for the bank’s achievements, Mr. Mian Muhammad Younis, Chairman of Faysal Bank, stated, “Masha’Allah, our 2024 results highlight the robust foundation we have laid as a premier Islamic bank, complemented by the unwavering dedication of our Board, Management, and Employees.” He also extended gratitude to the bank’s customers for their continuous trust and partnership.
Mr. Yousaf Hussain, President & CEO of Faysal Bank, remarked, “Alhamdulillah, our exceptional performance in 2024 is a testament to our customer-centric philosophy, offering cutting-edge, Shariah-compliant financial and digital solutions with top-tier service. With these strong fundamentals, the bank is well-positioned to sustain its growth momentum and maximize its potential.”
Faysal Bank’s impressive financial performance underscores its strong business fundamentals, prudent risk management strategies, and commitment to innovation. These factors further reinforce the bank’s standing as a significant industry player, dedicated to delivering sustainable growth and long-term value to its stakeholders.
About Faysal Bank Limited (FBL):
Faysal Bank Limited is among Pakistan’s leading Islamic banks, offering a diverse range of Shariah-compliant banking solutions across retail, corporate, and investment banking sectors. With a commitment to excellence and innovation, FBL continues to provide its customers with outstanding banking services.
