Faysal Bank’s earnings up by 11pc to Rs266.76m

Tuesday, April 24, 2012

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Faysal Bank Limited posted a net earnings of Rs266.76 million for the three-month period ended on March 31, which was 11 percent higher than Rs241.25 million booked in the same period in 2011, a statement said on Monday.

Accordingly, the earning per share was calculated at 32 paisas from 29 paisas in 2011, according to the profit and loss accounts of the bank available with the Karachi Stock Exchange (KSE).

Apparently, the increase in net profit came from other provisions (reversal) of Rs17.90 million in the under review period against provisioning of Rs2.67 million in the corresponding quarter.

Moreover, the bank paid a tax of Rs71.57 million, which was lower than Rs88.89 million paid last year, despite the fact that the profit-before-tax was higher in the under review period than the corresponding quarter, according to the bank’s accounts.

The bank also booked a capital gain of Rs308.37 million against Rs147.66 million in 2011.

The net markup and interest income after provisions stood at Rs1.52 billion against Rs1.71 billion last year. However, the net non markup and interest income was slightly higher at Rs338.33 million against Rs330.15 million last year.