Faysal Bank Limited (FBL) achieved the landmark of Rs. 1 trillion in Balance Sheet footings with a record Profit Before Tax of Rs. 22.4 billion, 67% higher than the last year.
The Board of Directors of FBL, in their meeting held on February 23, 2023, approved the financial statements of the Bank for the year ended December 31, 2022 and announced final cash dividend of Re. 1 per share i.e. 10%, bringing the total cash dividend for the year to Rs. 7 per share or 70%.
The Bank has successfully completed the largest conversion of a Conventional Bank into an Islamic Bank in history. This is a testimony to the steadfast vision of its Board, the devotion of its management, the perseverance of its staff and support of customers. This massive Islamic conversion is unprecedented not just in Pakistan, but all around the world and has been recognized by Islamic International Rating Agency (IIRA) as the largest in the world.
FBL achieved the landmark of Rs. 1.0 trillion mark in balance sheet footings on the back of strong deposit mobilization and borrowings. Current deposit momentum built over last several quarters continued and with a 29% growth over December 2021 reached Rs. 277 billion. Total deposits increased by 21% over December 2021 which is 3 times of the market growth in deposits. FBL’s net advances increased by 15% to Rs. 455 billion, with the growth across all business segments.
