Faysal Bank’s earnings have clocked in at Rs23.9 billion, up 18% compared to the previous year, even though fourth‑quarter earnings were a modest Rs3.5 billion, down sharply from the same period last year. A healthy return by most measures, though perhaps an even bigger development for the bank was the announcement that its parent company’s talks to divest several holdings – including its share in Faysal Bank – had fallen through.
Bahrain‑based Ithmaar Holding — which owns two‑thirds of Faysal Bank — quietly filed a regulatory notice in Manama announcing that it had mutually terminated the year‑long acquisition talks with fellow Bahraini outfit GFH Financial Group. The two sides said the “requirements for execution … have not been met,” drawing a line under fourteen months of due‑diligence and six separate progress disclosures. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
