Faysal Bank’s Robust Performance in 2024 Highlights Customer-Centric Approach and Strong Growth Momentum, Says CEO Yousaf Hussain
Faysal Bank Unveils Strong Financial Results for FY 2024۔ 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 has announced remarkable financial results for the year ended 2024. On a standalone basis, the Bank has reported a Profit Before Tax (PBT) of PKR 50.4 billion, 22% higher than PKR 41.4 billion in the last 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 has a healthy Advance to Deposit (ADR) ratio of 64.6% and Capital Adequacy Ratio (CAR) stood at a solid 16.5%, comfortably exceeding regulatory requirement.
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 expressed his gratitude to the Bank’s customers for their continued trust and partnership.
Mr. Yousaf Hussain, President & 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.
