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Karachi: First Credit and Investment Bank Limited (FCIBL) disclosed its financial results and achievements in the 35th Annual Report for the financial year ending on June 30, 2024. The bank reported substantial growth in profit and reclaimed its position as the world’s best-performing stock market, according to the Pakistan Stock Exchange (PSX).
The economic landscape of Pakistan showed signs of stability in FY2024 with significant reductions in inflation and a shrunken current account deficit, alongside a stable exchange rate. The agriculture sector notably outperformed, contributing robustly to the GDP, which increased by 2.38 percent. The current account deficit reduced markedly from $3.3 billion last year to just $0.7 billion this year. Foreign Direct Investment saw a rise of 16.9 percent, reaching $1.9 billion. According to information available from the Pakistan Stock Exchange (PSX), the PSX benchmark KSE 100-Index surged by 36,992 points, ending the year at 78,445 points, an 89 percent increase in cumulative value.
FCIBL’s financials reflected a striking uptick in operations with total revenue climbing to Rs. 448.89 million from Rs. 279.32 million in the previous year. The profit after taxation escalated dramatically to Rs. 31.70 million, compared to Rs. 12.99 million in FY2023. The bank’s total assets doubled to Rs. 3,955.94 million from Rs. 1,851.31 million, demonstrating substantial growth and stability.
The board, in its report, highlighted several strategic expansions and diversifications that have helped FCIBL maintain a competitive edge despite challenges from larger commercial banks. Notable developments include expansions in the Money Market and Forex Brokerage and a focus on sustainable and gender-diverse policies.
Despite these financial gains, the Directors decided against distributing dividends this year to reserve funds for further investment and expansion plans. The bank’s commitment to corporate governance and regulatory compliance was also emphasized, with FCIBL maintaining a stable ‘A’ rating from VIS Credit Rating Company Limited.
On the corporate social responsibility front, FCIBL continues to support environmental and social causes, adhering to strict health, safety, and environmental standards. The bank’s risk management strategies have been effective in minimizing potential adverse financial impacts.
The Directors expressed gratitude towards stakeholders, clients, and regulatory bodies for their continued support and acknowledged the dedication of FCIBL’s management and staff in achieving these impressive results.
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