Home Business & Finance Faysal Bank announces financial results for nine months ended

Faysal Bank announces financial results for nine months ended

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The Board of Directors of Faysal Bank Limited, in their 137th meeting held in Karachi on 22nd October 2020, approved the Bank’s unaudited condensed interim financial statements for the nine months ended September 30, 2020.

 Despite disruption to business activities during the period due to COVID 19, the Bank’s profit after tax (PAT) of Rs. 5,515 million for current period was 24.6% higher than same period last year. The Bank’s EPS was recorded at Rs. 3.63 per share for the current reporting period, compared to Rs. 2.92 for the prior period.

Deposits showed healthy growth of 12.4% when compared to December 31, 2019, ending at Rs. 514,636 million as at September 30, 2020. The Bank continued to concentrate on reducing funding costs by focusing on low cost current and saving deposits and consequently its current deposit ratio improved to 36.1%.

As part of the prudent risk management approach required in view of the current economic environment, the Bank has recorded net provisions of Rs. 2,082 million resulting in improvement in its provision coverage to 84.8%.

The Bank remains committed to provide top class services to customers in these testing times, through improved and enhanced offerings from alternate delivery channels and digital platforms. PR

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