Faysal Bank Limited recently conducted a virtual corporate briefing session. Through the session the Bank’s Chief Financial Officer, Syed Majid Ali briefed the analyst community and shareholders about the Bank’s business strategy, financial performance for the half year ended June 30, 2021 and its outlook.
Post half year end, FABL converted another 21 branches to Islamic as a result over 90 percent of its branches are now exclusively offering Shariah compliant services. The Bank plans to convert another 44 branches by 2021 end and open 30 new Islamic banking branches. Alongside investment in brick and mortar infrastructure, the Bank is aggressively working on enhancing its product suite and enriching customer experience through innovative digital offerings. The Bank launched the first of its kind, Islami Noor Card, which is a Shariah compliant alternate to conventional Credit Card.
In terms of financial performance, FABL posted profit after tax of Rs. 4.02 billion for the half year ended June 30, 2021, as compared to Rs. 3.8 billion in the comparative period. The Bank’s net advances portfolio stood at Rs 343.7 billion as at June 30, 2021. The Bank is continuously working on improving its margin by maintaining the right kind of deposit mix. The Bank’s current deposits ratio improved from 31.3% to 36.3%. The deposit closed at Rs 591.9 billion registering a healthy growth of 9.5% since December 2020.
The Bank’s subsidiary Faysal Asset Management Limited (FAML), has come a long way since acquisition of control by FABL in November 2018. FAML’s Assets Under Management have increased from Rs. 7.3 to Rs. 62 billion and its Management Quality Rating has also moved three notches up to AM2+.
About Faysal Bank Limited
Faysal Bank Limited was incorporated in Pakistan on October 03, 1994 as a public limited company under the provisions of the Companies Ordinance, 1984 (now Companies Act, 2017). Its shares are listed on Pakistan Stock Exchange Limited. The bank is mainly engaged in Islamic and Conventional Corporate, Commercial and Consumer banking activities. As at September 9, 2021 the bank had a network of 576 branches including 521 Islamic banking branches.