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Manama, Bahrain - Ithmaar Bank, a Bahrain-based Islamic retail bank, announced today (ed note: 12/03/16) that its retail banking subsidiary in Pakistan, Faysal Bank Limited, has registered a record profit for 2015.
The announcement, by Ithmaar Bank Chief Executive Officer and Faysal Bank Limited Vice Chairman, Ahmed Abdul Rahim, follows the review and approval by the Faysal Bank Limited Board of Directors of the Bank's financial results for the year ended 31 December 2015. Faysal Bank Limited has a network of 279 branches as of 31 December 2015. The Bank is listed on the Karachi, Lahore and Islamabad Stock Exchanges, and is mainly engaged in corporate, commercial and consumer banking activities. Ithmaar Bank directly, and indirectly through its subsidiaries, owns 66.57 percent of Faysal Bank Limited. Faysal Bank Limited also announced a cash dividend of PKR 1 per share (10 percent of share par value) for 2015.
"I am pleased to announce that Faysal Bank Limited registered a record profit, after tax, of US$ 41mn (PKR 4.2bn) during 2015, a 70 percent increase over the profit reported for 2014," said Abdul Rahim. "During the year, Faysal Bank Limited's operating income increased by 95 percent, growing from US$ 35mn (PKR 3.5bn) in 2014 to US$ 67mn (PKR 6.9bn) in 2015. This increase was largely a result of focused efforts to strengthen the Bank's position through prudent asset allocation, while improving cost efficiencies, enhancing operational excellence and reducing funding costs," he said.
"The Bank's Balance Sheet was also grown significantly with total assets increasing by 11 percent to US$ 4bn (PKR 430bn) as at 31 December 2015, compared to US$ 3.7bn (PKR 388bn) as at 31 December 2014," said Abdul Rahim. "Total deposits have also grown from US$ 2.7bn (PKR 283bn) as at 31 December 2014 to US$ 2.8bn (PKR 292bn) as at 31 December 2015," he said.
"In 2015, to protect its margins, Faysal Bank Limited re-profiled its savings book with a focus on market competitive pricing," said Abdul Rahim. "During the year, the Bank successfully executed large corporate and investment banking deals and was also the lead arranger for entities in the energy sector," he said.
"Faysal Bank Limited's financial performance has earned the Bank "AA" and "A1+" ratings for the long and short terms respectively, with stable outlook, from the JCR-VIS Credit Rating Company Limited and the Pakistan Credit Rating Agency Limited," said Abdul Rahim.
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© Press Release 2016
