Faysal Financial institution Restricted (FBL) achieved the landmark of Rs. 1 trillion in Stability Sheet footings with a report Revenue Earlier than Tax of Rs. 22.4 billion, 67% larger than the final 12 months.
The Board of Administrators of FBL, of their assembly held on February 23, 2023, accepted the monetary statements of the Financial institution for the 12 months ended December 31, 2022 and introduced ultimate money dividend of Re. 1 per share i.e. 10%, bringing the entire money dividend for the 12 months to Rs. 7 per share or 70%.
The Financial institution has efficiently accomplished the biggest conversion of a Standard Financial institution into an Islamic Financial institution in historical past. This can be a testimony to the steadfast imaginative and prescient of its Board, the devotion of its administration, the perseverance of its workers and help of shoppers. This huge Islamic conversion is unprecedented not simply in Pakistan, however all around the globe and has been acknowledged by Islamic Worldwide Ranking Company (IIRA) as the biggest on the earth.
FBL achieved the landmark of Rs. 1.0 trillion mark in stability sheet footings on the again of robust deposit mobilization and borrowings. Present deposit momentum constructed over final a number of quarters continued and with a 29% development over December 2021 reached Rs. 277 billion. Whole deposits elevated by 21% over December 2021 which is 3 instances of the market development in deposits. FBL’s web advances elevated by 15% to Rs. 455 billion, with the expansion throughout all enterprise segments.
FBL is well-positioned as a full-fledged Islamic Financial institution, and is able to tackle new challenges backed by a robust stability sheet and the imaginative and prescient to change into the most effective buyer centric Islamic financial institution, pushed by ardour and perception. As well as, the Financial institution plans to proceed working in the direction of bringing efficiencies, persevering with deposit development, and enhancing high quality of customer support. Alongside funding in department infrastructure, the Financial institution is concentrated on offering revolutionary digital options and spend money on trendy applied sciences to enhance digital choices and buyer expertise.
