KARACHI: Faysal Bank Ltd (FBL) maintained profitability despite challenging business environment, low-interest rates and below par stock exchange performance. FBL earned a profit after tax of Rs 3.825 billion in first nine months as against Rs 3.748 billion last year.
Bank improved its margins by reducing the cost of deposits and increasing its lending book. Recoveries of non-performing loans resulted in net reversal of provisions of Rs 765 million against a charge of Rs 285 million in the corresponding period last year. As a result, EPS of the Bank increased to Rs 2.90 from Rs 2.84.
FBL is engaged in commercial, retail, corporate and Islamic banking activities. FBL is on the path of transforming the bank into an Islamic Financial Institution. Branches have been transformed to multiproduct selling hub so as to provide all banking facilities under one roof. FBL is focusing on technological advancement to support digital banking, asset growth, cost efficiency and transformation to Islamic banking.
