Faysal Bank reports around Rs24bn profit, up 18%

February 20, 2025 (MLN): Faysal Bank Limited (PSX: FABL) reported a profit after tax of Rs23.89 billion for the financial year ended December 31, 2024, reflecting an 18% growth compared to Rs20.25bn in 2023.

The bank has declared a final cash dividend of Rs2.5 per share (25%).

This is in addition to the interim cash dividends already paid to shareholders, including 10% for the first quarter ended March 31, 2024, 20% for the second quarter ended June 30, 2024, and 15% for the third quarter ended September 30, 2024.

The bank’s earnings per share (EPS) also improved to Rs15.74 from Rs13.34 in the previous year.

The strong financial performance was driven by a 19.07% rise in total income, which reached Rs100.18bn, up from Rs84.13bn in 2023.

Notably, net profit/return increased by 13.36% to Rs80.57bn, supported by a 50.14% surge in total other income, which stood at Rs19.62bn.

This growth was primarily fueled by a 35.86% increase in fee and commission income, a 28.58% rise in other income, and an 11.58% boost in foreign exchange income.

Despite the positive revenue growth, operating expenses climbed by 24.72% to Rs50.21bn, while the Workers' Welfare Fund and other charges also increased.

The bank’s share of profit from associates surged by 177.49% to Rs447.56mn.

Meanwhile, credit loss allowance and write-offs amounted to Rs2.46bn, compared to a net reversal of Rs1.18bn in 2023.

As a result, Faysal Bank's profit before taxation stood at Rs51.75bn, marking a 23.67% increase from the prior year.

On the taxation front, the bank paid Rs27.86bn, reflecting a 28.98% rise compared to Rs21.59bn in 2023.

The bank’s net profit was largely attributable to its equity holders, as non-controlling interest declined by 58.71%.

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