Faysal Bank Limited (FBL) continued its success story in 2024, demonstrating strong financial resilience and operational excellence. During its second year as a full-fledged Islamic Bank, FBL announced remarkable financial results for the year ending 2024. On a standalone basis, the Bank reported a Profit Before Tax (PBT) of PKR 50.4 billion, 22% higher than PKR 41.4 billion in the previous year.
The Bank’s net profit reached PKR 23.0 billion, and growth was confined to 15% due to the imposition of additional income tax. Earnings Per Share increased from PKR 13.21/- to PKR 15.17/-. Reflecting this strong performance, the Bank also declared a final cash dividend of Rs. 2.5/- per share, i.e. 25%. This makes the total dividend for 2024 to Rs. 7.0/- per share or 70%. Furthermore, the Bank’s total assets stood at PKR 1.6 trillion, deposits at PKR 1 trillion+, and net financing at PKR 634 billion.
The Bank’s healthy advance-to-deposit (ADR) ratio of 64.6% and Capital Adequacy Ratio (CAR) of 16.5% comfortably exceeded regulatory requirements.
Mr. Mian Muhammad Younis, Chairman of Faysal Bank, praised the Bank’s progress and said, “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.” He further thanked the Bank’s customers for their continued trust and partnership.
Mr. Yousaf Hussain, President and CEO of Faysal Bank, said, “Alhamdulillah, our robust performance in 2024 is a testament to our customer-centric approach, offering innovative Shariah-compliant financial and digital products with best-in-class service. With these strong fundamentals, the Bank is well-positioned to maintain its growth momentum and operate at maximum potential.”
Faysal Bank’s stellar financial performance underscores its solid business fundamentals, prudent risk management practices, and focus on innovation. These further cement the Bank’s position as a key player in the industry, dedicated to delivering sustainable growth and value to stakeholders.
