ISLAMABAD (our reporter):- The 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 a 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 the support of customers. This massive Islamic conversion is unprecedented not just in Pakistan, but all around the world and has been recognized by the 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 the 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 growth across all business segments.
FBL is well-positioned as a full-fledged Islamic Bank and is ready to take on new challenges backed by a strong balance sheet and the vision to become the best customer-centric Islamic bank, driven by passion and belief. In addition, the Bank plans to continue working towards bringing efficiencies, continuing deposit growth, and improving the quality of customer service. Alongside investment in branch infrastructure, the Bank is focused on providing innovative digital solutions and investing in modern technologies to improve digital offerings and customer experience.