Faysal Bank’s half-year profit surges 77pc

KARACHI: Faysal Bank Limited has reported a 77 per cent increase in its half-year net profit, due to an increase in the profit earned income.

In a statement to the Pakistan Stock Exchange (PSX), the bank reported a net profit of Rs13.56 billion for the half year ended June 30, up from Rs7.66 billion during the same period last year.

The bank also announced an interim cash dividend of Rs2 per share, which is in addition to Re1 interim cash dividend already paid for the first quarter.

Earnings per share came in at Rs8.94, compared with Rs5.05 a share last year.

Faysal Bank said its profit earned income for the half year rose to Rs118.86 billion, compared with Rs82.11 billion a year earlier. However, profit expenses remained higher at Rs80.58 billion from Rs51.37 billion a year ago.

For the quarter that ended June 30, the bank recorded a net profit of Rs6.95 billion, up from Rs4.35 billion during the same period last year. EPS for the quarter was recorded at Rs4.58 from Rs2.87 a year ago.

In a statement, the bank said its total assets were at Rs1.4 trillion, with deposits increasing to Rs1.1 trillion and net financing at Rs575 billion. The bank maintained a healthy advance-to-deposit ratio (ADR) at 54 per cent.

Chairperson of Faysal Bank Mian Muhammad Younis, while commenting on the results said, “With strong foundations in place, Faysal Bank is well-positioned to continue its accelerated growth and further consolidate itself as the best Islamic bank in Pakistan.”