News Desk
ISLAMABAD: Faysal Bank Limited achieved the landmark of 1 trillion rupees in Balance Sheet footings with a record Profit Before Tax of 22.4-billion-dollar, 67 percent higher than the last year. Faysal Bank has converted into a 100 percent Islamic bank from a commercoal bank this financial year.
The Board of Directors of the bank, in their meeting held on today (23 February), approved the financial statements of the Bank for the year ended 31 December 2022, and announced a final cash dividend of Re1 per share i.e., percent, bringing the total cash dividend for the year to Rs7 per share or 70 percent.
Conversion into Islamic bank
It has successfully completed the conversion of a Conventional Bank into an Islamic Bank, the largest in history. This is a testimony to the geat vision of its board, the devotion of its management, the perseverance of its staff, and the support of customers, the statemnet issued by the bank said.
Current deposit momentum built over the last several quarters continued and with a 29 percent growth over December 2021 reached 277 billion rupees. Total deposits increased by 21 percent over December 2021 which is three times of the market growth in deposits. FBL’s net advances increased by 15 percent to 455 billion rupees, with growth across all business segments.
