The Board of Directors of Faysal Bank Limited, in their 137th meeting held in Karachi, approved the bank’s unaudited condensed interim financial statements for the nine months ended September 30, 2020.
Despite disruption to business activities during the period due to Covid-19, the bank’s profit after tax (PAT) of Rs5,515 million for current period was 24.6pc higher than same period last year. The bank’s earnings per share was recorded at Rs3.63 per share for the current reporting period, compared to Rs2.92 for the prior period.
Deposits showed healthy growth of 12.4pc when compared to December 31, 2019, ending at Rs514,636 million as at September 30, 2020. The bank continued to concentrate on reducing funding costs by focusing on low cost current and saving deposits and consequently its current deposit ratio improved to 36.1pc.
As part of the prudent risk management approach required in view of the current economic environment, the Bank has recorded net provisions of Rs2,082 million resulting in improvement in its provision coverage to 84.8pc.
The bank remains committed to provide top class services to customers in these testing times, through improved and enhanced offerings from alternate delivery channels and digital platforms.
