Faysal Bank Limited (FABL) unveiled its earnings (Profit After Tax) for the first quarter of CY24 today, standing at PKR 6.6bn (EPS: PKR 4.35). This marks a remarkable 100% YoY surge. However, it reflects a 17% QoQ decline compared to the EPS of PKR 5.23 in the fourth quarter of CY23.
The bank’s earnings bolstered by a YoY increase in income and lower provisioning. However, when compared sequentially, there was a decline in income, which impacted the overall profitability on a QoQ basis.
Along with the result, FABL announced a cash dividend of PKR 1/share.
In the outgoing quarter of CY24, the bank recorded a Net Profit Earned of PKR 18.7bn, marking a substantial 43% YoY surge but depicting a 15% QoQ decrease. The bank’s profit earned saw a significant 71% YoY increase and a 6% QoQ rise. Moreover, profit expensed escalated by 87% YoY and surged by 19% compared to the preceding quarter.
Furthermore, the bank witnessed an 83% YoY boost in Non-Funded Income, predominantly propelled by a surge in Fee income, up by 40% YoY, and dividend income, which rose by 17% YoY, along with a 28% increase in FX income. However, on a QoQ basis, Non-Funded Income suffered a setback due to a 26% decline in dividend income and a 35% decrease in FX income.
FABL recorded a provisioning charge totaling PKR 36mn in the first quarter of CY24, a substantial decrease of 97% YoY from the charge of PKR 1.4bn in the corresponding period last year.
OPEX witnessed a jump of 37% YoY while down 15% QoQ in 1QCY24, clocking-in at PKR 11.0bn for the bank. With this, the Cost/Income ratio stood at 46.4% for 1QCY24, down from 50.9% in the same period last year.
The effective tax rate for the bank remained unchanged at 48% during the first quarter of CY24, consistent with the rate during the same period last year.
AHL
Pakistan Oilfields Limited earnings settled at PKR 105.47/share in 9MFY24