FABL Q3 profit jumps 44%, declares dividend

By MG News | Category Q32024 | October 24, 2024 at 02:42 PM GMT+05:00

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October 24, 2024 (MLN): Faysal Bank Limited (PSX: FABL) reported a profit of Rs6.5 billion (EPS: Rs4.28) for the third quarter (Q3 CY24) ending September 30, 2024, reflecting a growth of approximately 44% compared to Rs4.52bn (EPS: Rs2.98) earned in Q3 CY23.

Considering this remarkable performance, the Board of Directors (BoD) has recommended an interim cash dividend of Rs1.5 per share.

This is in addition to the 10% interim cash dividend for the first quarter ended March 31, 2024 and the 20% interim cash dividend for the second quarter (half year) ended June 30, 2024, already paid to the Shareholders.

Analyzing the profit and loss statement, the bank witnessed a surge of 17.23% in its net return to stand at Rs21.58bn, compared to Rs18.41bn in the same quarter last year.

Similarly, the bank’s total non-markup income during the review period also improved by 44.26% to Rs3.26bn driven by a significant increase in fee and foreign exchange income attributed to improved economic activity.

The bank also witnessed a positive turnaround in its securities trading, with a gain of Rs130.22m during the quarter compared to a loss worth Rs390.66m reported in Q3 CY23.

On the expense side, the total non-markup expenses expanded by 25.1% to Rs12.51bn in Q3 CY24 compared to Rs10bn in Q3 CY23.

The increase was attributed to a 24.59% jump in operating expenses, rising from Rs9.8bn to Rs12.22bn in Q3 CY24.

Additionally, the bank’s expenses related to the Workers' Welfare Fund and other charges also went up during the review period.

Moving forward, the profit and loss statement shows that FABL incurred a credit loss allowance of Rs561.57m during Q3 CY24, compared to a reversal of Rs1.61bn reported in SPLY.

On the tax front, the bank paid Rs6.39bn, 40.88% higher than the amount paid in the same quarter last year.

Unconsolidated Profit and Loss account for the quarter ended September 30, 2024 ('000 Rupees)
	Sep-24	Sep-23	% Change
Mark-up/return/interest earned	56,096,682	51,250,633	9.46%
Mark-up/return/interest expenses	34,512,972	32,838,975	5.10%
Net profit/ return	21,583,710	18,411,658	17.23%
Non mark-up/interest income
Fee, commission and brokerage income	2,375,865	2,230,064	6.54%
Dividend income	52,422	31,227	67.87%
Foreign exchange income	619,404	454,793	36.19%
Income from dealing in foreign currencies	2,161	(143,762)	-101.50%
(Loss)/Gain on sale of securities - net	130,220	(390,658)	-133.33%
Net gains/(loss) on derecognition of financial assets measured at amortised cost	-	-	-
Other income	77,975	76,759	1.58%
Total non-mark-up/interest income	3,258,047	2,258,423	44.26%
Total income	24,841,757	20,670,081	20.18%
Non mark-up/interest expenses
operating expenses	12,215,515	9,804,384	24.59%
Workers welfare fund	263,084	195,733	34.41%
Other charges	33,963	1,586	2041.42%
Total non-mark-up/interest expenses	12,512,562	10,001,703	25.10%
Profit before provisions	12,329,195	10,668,378	15.57%
Credit loss allowance and write offs - net	(561,573)	1,612,187	-134.83%
Share of profit of associate	-	-
Extraordinary/unusual items	-	-
Profit before taxation	12,890,768	9,056,191	42.34%
Taxation	6,392,882	4,537,746	40.88%
Profit after taxation	6,497,886	4,518,445	43.81%
Basic and diluted earnings per share (Rupees)	4.28	2.98	-

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