Ithmaar Bank’s retail banking subsidiary in Pakistan, Faysal Bank Limited, reports growing profits

List your company on ABC for the
advantage of the ABC Community

Add Your Company Edit Your Company

Search by Popular Categories

Consumer
Commercial
Construction
Industrial
Oil & Gas

DIAMOND SPONSOR

COMMUNITY NEWS

Ithmaar Bank’s retail banking subsidiary in Pakistan, Faysal Bank Limited, reports growing profits

Sep 17, 2017 3:14 PM

MANAMA, BAHRAIN – 17 September 2017– Ithmaar Bank, a Bahrain-based Islamic retail bank, announced today (ed note: 17/09/17)

View company Profile

MANAMA, BAHRAIN – 17 September 2017– Ithmaar Bank, a Bahrain-based Islamic retail bank, announced today (ed note: 17/09/17) that its retail banking subsidiary in Pakistan, Faysal Bank Limited (FBL), has reported increased profits for the first half of 2017. Ithmaar Bank owns 66.6 percent of FBL which is listed on the Pakistan Stock Exchange and is mainly engaged in corporate, commercial, retail and consumer banking activities.

The announcement, by Ithmaar Bank Chief Executive Officer and FBL Vice Chairman, Ahmed Abdul Rahim, follows the review and approval by the FBL Board of Directors of the financial results for the half year ended June 30, 2017.

“I am pleased to announce that FBL registered a profit after tax of US$27.2 million (PKR 2.86 billion) during the first half of 2017, compared to a profit of US$26.8 million (PKR 2.82 billion) during the corresponding period in 2016,” said Abdul Rahim. “Despite increasingly challenging market conditions, with the Pakistan economy experiencing low-interest rates as well as low exports, and foreign exchange reserves also declining and bringing the Karachi Interbank Offer Rate (KBOR) to record lows, the Bank has reported improved results,” he said.

“To address these harsh economic realities, FBL has repositioned its strategy by mobilizing low-cost deposits, increasing recovery efforts from delinquent clients and enforcing strict control over administrative expenses,” said Abdul Rahim. “FBL has also successfully executed several investments and advisory deals with blue-chip companies during the first half of 2017,” he said.

“Although the Government of Pakistan has imposed a one-time Super Tax in the annual budget which has affected the bottom line by US$2.4 million (PKR 259 million), the Bank’s Earnings per Share (EPS) for the first half of 2017 increased to PKR2.17 as compared to PKR2.14 for corresponding period last year,” said Abdul Rahim. “FBL has been making steady growth for years and has now consolidated its position in the banking sector. The Bank has not only expanded its network but also has enhanced its core customer base. The Bank now has a network of 365 branches in more than 100 cities across Pakistan,” he said.

$Click Here!$