Faysal Bank reported a consolidated after-tax profit of Rs6.95 billion for the quarter ending June 30, 2024, marking a nearly 60% increase from the Rs4.35 billion reported in the same quarter last year. The bank’s earnings per share (EPS) rose to Rs4.58, compared to Rs2.87 in the corresponding period of the previous year.
The financial results, released to the Pakistan Stock Exchange (PSX) on Wednesday, also revealed that Faysal Bank’s Board of Directors declared an interim cash dividend of Rs2 per share, equivalent to 20%, in addition to the 10% interim cash dividend announced for the first quarter ending March 31, 2024.
The bank’s net profit grew from Rs17.69 billion in Q2 2023 to Rs19.57 billion in Q2 2024, reflecting an increase of over 10%. Fee and commission income rose by nearly 37%, reaching Rs3 billion, while foreign exchange income more than doubled to Rs1.2 billion. Other income also nearly doubled, increasing to Rs4.71 billion from Rs2.36 billion in the same period last year.
Faysal Bank’s operating expenses for the quarter amounted to Rs11.26 billion, up 13% from Rs9.99 billion in the same period last year. The bank reported a significant increase in expenditure on the worker welfare fund, spending Rs272.34 million in Q2 2024 compared to Rs177.88 million in Q2 2023.
As a result, the bank’s profit before tax surged over 53%, reaching Rs13.62 billion in Q2 2024. During the quarter, Faysal Bank paid Rs6.67 billion in taxes.
