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Karachi: Faysal Bank Limited (FBL) has disclosed its financial results for the half-year ended June 30, 2024, along with the declaration of an interim cash dividend, during a board meeting held on August 28, 2024.
According to information available from the Pakistan Stock Exchange (PSX), the bank announced a 20% interim cash dividend for the second quarter, amounting to Rs. 2 per share, which is in addition to the 10% interim dividend paid for the first quarter ended March 31, 2024. The board did not propose any bonus or right shares during this period.
FBL reported a consolidated profit after tax (PAT) of Rs. 13.56 billion for the first half of 2024, up from Rs. 7.66 billion in the same period last year, with earnings per share increasing to Rs. 8.94 from Rs. 5.05. Unconsolidated PAT stood at Rs. 13.27 billion, with earnings per share of Rs. 8.74, reflecting a robust performance and stable growth.
The bank’s total income for the half-year reached Rs. 47.11 billion on an unconsolidated basis and Rs. 47.97 billion on a consolidated basis, driven by a significant rise in net profit and return, which increased from Rs. 30.73 billion to Rs. 38.22 billion unconsolidated, and from Rs. 30.74 billion to Rs. 38.28 billion consolidated.
Other income sources such as fee and commission income, foreign exchange income, and gains on securities also saw healthy increases, contributing to the bank’s overall revenue growth. Operating expenses aligned with the high inflation levels, marking a necessary rise to support expanding operations and enhanced service offerings.
The bank’s share transfer books will remain closed from September 10, 2024, to September 12, 2024, for the processing of the interim dividend. Transfers completed by September 9 will be eligible for this dividend.
This financial announcement reflects FBL’s continued financial health and its commitment to providing shareholder value amidst market challenges.
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