Faysal Bank earns Rs 2.15 billion net profit in 2003

KARACHI (March 30 2004): Faysal Bank Limited has earned the profit highest amongst banks in Pakistan as Rs 2.15 billion after tax in the year 2003.

Faysal bank held its Annual General Meeting of shareholders on Monday, which was chaired by the Director of the Bank Sanaullah Qureshi and member of its audit committee.

The Bank's earnings per share grew by 227 percent over the previous year to Rs 8.12 per share. All financial indictors showed an upward trend with deposits growing 28 percent and financing 34 percent.

The 2003 annual audited accounts and financial reports of the bank were presented for approval.

The shareholders unanimously approved the same, highly appreciating the performance of Faysal Bank and profit it made during 2003.

The rating of the Bank based on its 2003 performance was further upgraded to AA for the medium to long term and stands in excess of Rs 5 billion at close of 2003.

The shareholders unanimously approved the distribution of a 20-percent final cash dividend and 10 percent bonus shares in addition to 25 percent interim cash dividend already paid by the Bank to its shareholders.

The Bank from 11-branch network in 1999 grew to 30 branch strong with plans to have 50 branches by end of 2004.

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