Karachi: Faysal Bank Limited disclosed significant financial outcomes and shareholder returns for the third quarter ending September 30, 2024, during its Board of Directors meeting on October 24, 2024. The bank declared an interim cash dividend of Rs. 1.5 per share, equating to a 15% payout on a par value of Rs. 10 per share.
This latest dividend is in addition to a 10% interim cash dividend for the first quarter and a 20% interim cash dividend for the second quarter, cumulatively bringing the year's total dividends to 45%. These dividend payments reflect the bank's commitment to delivering value to its shareholders despite a challenging economic backdrop.
According to information available from the Pakistan Stock Exchange (PSX), the financial statements attached to the bank’s recent communication reveal a mixed performance. For the third quarter of 2024, the bank reported a net profit of Rs. 21.58 billion, up from Rs. 18.41 billion in the corresponding period last year. The growth in profit is attributed to a substantial increase in fee and commission income, as well as gains on securities.
However, the bank's expenses also saw a notable rise. Operating expenses increased to Rs. 12.22 billion from Rs. 9.80 billion in the third quarter of 2023, reflecting higher costs associated with the bank's expansion and operational enhancements.
In a detailed review of its financial health, Faysal Bank showed a solid increase in total income, reaching Rs. 24.84 billion for the quarter, up from Rs. 20.67 billion in the previous year. This increase helps cushion the impact of the rising expenditure and supports the bank's profitability.
No new bonus shares or right shares were issued, and no other corporate actions were reported. The bank’s share transfer books will be closed from November 6, 2024, to November 8, 2024, to facilitate the processing of the dividend.
The consolidated financial results for Faysal Bank also highlighted a substantial year-to-date profit after taxation of Rs. 20.35 billion, an improvement from the Rs. 12.04 billion reported for the same period in 2023.
Faysal Bank continues to maintain robust profitability and shareholder returns, navigating through the fiscal year with strategic financial management and operational prudence.