Contents
Corporate Information | 2 |
Unconsolidated Financial Statements | |
Directors' Report | 4 |
Condensed Interim Unconsolidated Statement of Financial Position | 14 |
Condensed Interim Unconsolidated Profit and Loss Account | 15 |
Condensed Interim Unconsolidated Statement of Comprehensive Income | 16 |
Condensed Interim Unconsolidated Statement of Changes in Equity | 17 |
Condensed Interim Unconsolidated Cash Flow Statement | 18 |
Notes to the Condensed Interim Unconsolidated Financial Statements | 19 |
Consolidated Financial Statements | |
Directors' Report | 45 |
Condensed Interim Consolidated Statement of Financial Position | 52 |
Condensed Interim Consolidated Profit and Loss Account | 53 |
Condensed Interim Consolidated Statement of Comprehensive Income | 54 |
Condensed Interim Consolidated Statement of Changes in Equity | 55 |
Condensed Interim Consolidated Cash Flow Statement | 56 |
Notes to the Condensed Interim Consolidated Financial Statements | 57 |
Registered Office
Faysal House, St-02, Commercial Lane,
Main Shahrah-e-Faisal, Karachi, Pakistan
Tel: 021-32795200 Fax: 021-32795226
March 31, 2023 First Quarter | 1 |
Corporate Information
Board of Directors | |
Mr. Farooq Rahmatullah Khan | Chairman/Non-Executive Director |
Mr. Ahmed Abdulrahim Mohamed Abdulla Bucheery | Vice Chairman/Non-Executive Director |
Mr. Yousaf Hussain | President & CEO |
Mian Muhammad Younis | Independent Director |
Mr. Imtiaz Ahmad Pervez | Non-Executive Director |
Mr. Ali Munir | Independent Director |
Mr. Juma Hasan Ali Abul | Non-Executive Director |
Mr. Abdulelah Ebrahim Mohamed AlQasimi | Non-Executive Director |
Mr. Abdulla Abdulaziz Ali Taleb | Non-Executive Director |
Ms. Fatima Asad Khan | Independent Director |
Mr. Mohsin Tariq | Independent Director |
Board Audit & Corporate Governance Committee | |
Mian Muhammad Younis | Chairman |
Mr. Ahmed Abdulrahim Mohamed Abdulla Bucheery | Member |
Mr. Juma Hasan Ali Abul | Member |
Mr. Ali Munir | Member |
Board Risk Management Committee | |
Mr. Imtiaz Ahmad Pervez | Chairman |
Mr. Abdulelah Ebrahim Mohamed AlQasimi | Member |
Mr. Abdulla Abdulaziz Ali Taleb | Member |
Mian Muhammad Younis | Member |
Mr. Yousaf Hussain | Member |
Recruitment Nomination and Remuneration Committee | |
Mr. Ahmed Abdulrahim Mohamed Abdulla Bucheery | Chairman |
Mr. Juma Hasan Ali Abul | Member |
Mian Muhammad Younis | Member |
Mr. Ali Munir | Member |
Ms. Fatima Asad Khan | Member |
Board Strategy Committee | |
Mr. Farooq Rahmatullah Khan | Chairman |
Mr. Ahmed Abdulrahim Mohamed Abdulla Bucheery | Member |
Mr. Juma Hasan Ali Abul | Member |
Ms. Fatima Asad Khan | Member |
Mr. Mohsin Tariq | Member |
Mr. Yousaf Hussain | Member |
2 First Quarter | March 31, 2023 |
Corporate Information
Board IT Committee | |||||
Mr. Ali Munir | Chairman | ||||
Mr. Abdulelah Ebrahim Mohamed AlQasimi | Member | ||||
Mr. Abdulla Abdulaziz Ali Taleb | Member | ||||
Mr. Mohsin Tariq | Member | ||||
Mr. Yousaf Hussain | Member | ||||
Shariah Board | |||||
Mufti Muhammad Mohib-ul-Haq Siddiqui | Chairman Shariah Board | ||||
Dr. Mufti Khalil Ahmad Aazami | Shariah Board Member | ||||
Mufti Muhammad Ashja Khan | Shariah Board Member | ||||
Mufti Abdul Basit | Shariah Board Member | ||||
Mufti Muhammad Abdullah | Resident Shariah Board Member | ||||
Syed Majid Ali | Chief Financial Officer | ||||
Mr. Aurangzeb Amin | Company Secretary & Head of Legal | ||||
M/s. KPMG Taseer Hadi & Co., Chartered Accountants | Auditors | ||||
M/s. Mohsin Tayebaly & Co, Advocate | Legal Advisors | ||||
Registered Office | Share Registrar | ||||
Faysal Bank Limited | CDC Share Registrar Services Limited | ||||
Faysal House, St-02, Commercial Lane, | CDC House, 99-B,Block-B, | ||||
Main Shahrah-e-Faisal, | SMCHS, Main Shahrah-e-Faisal, | ||||
Karachi, Pakistan | Karachi-74400 | ||||
UAN | : | (92-21)111-747-747 | Tel | : | (92-21)111-111-500 |
Tel | : | (92-21)3279-5200 | Fax | : | (92-21) 34326053 |
Fax | : | (92-21)3279-5226 | : | info@cdcsrsl.com | |
Website : | www.faysalbank.com |
March 31, 2023 First Quarter | 3 |
Directors' Report
Unconsolidated Financial Statements
On behalf of the Board of Directors, we are pleased to present the unaudited condensed interim financial statements of Faysal Bank Limited ("FBL" or "the Bank") for the quarter ended March 31, 2023.
Company Profile
FBL was incorporated in Pakistan on October 3, 1994, as a public limited company and its shares are listed on Pakistan Stock Exchange. FBL offers a wide range of modern banking services to all customer segments, i.e., Retail, Small & Medium Sized Enterprises, Commercial, Agri-based, and Corporate, compliant with Sharia'ah.
The Bank surrendered its conventional banking license on 31 December 2022 and effective 01 January 2023 started operations under an Islamic Banking License issued by the State Bank of Pakistan (SBP). Its footprint spreads over 270 cities across the country with 700 branches offering only sharia-compliant banking services.
Holding Company
Ithmaar Bank B.S.C (closed), a banking entity regulated by the Central Bank of Bahrain, is the parent company holding directly and indirectly 66.78% (2022: 66.78%) of the Bank's shares. Ithmaar Bank B.S.C. (closed) is a wholly owned subsidiary of Ithmaar Holdings B.S.C. Dar Al- Maal Al-Islami Trust (DMIT) is the holding entity of Ithmaar Holding B.S.C. and the ultimate parent of the Bank. DMIT was formed by an indenture under the laws of the Commonwealth of The Bahamas for the purpose of conducting business affairs in conformity with Islamic law, principles, and traditions.
Economic Update
In the meeting of the Monetary Policy Committee held on April 4, 2023, the SBP raised the policy rate by another 100 basis points to 21% citing persistent inflationary pressures. The average Consumer Price Index (CPI) for 9MFY23 stood at 27.3%, as inflation for March clocked at 35.4%. The rise was broad based with a bigger part coming from food inflation, which picked up to 47.15% YoY. Looking ahead, inflation is expected to plateau and fall in 3QCY23 as base effect kicks in. World Bank projects Pakistan's GDP growth at 0.4% in FY23 i.e., 1.6% down from its forecast in October 2022.
Federal Board of Revenue (FBR) collected PKR 5.16 trillion in 3QFY23 against the assigned target of PKR 5.43 trillion, subsequently the fiscal deficit was recorded at 2.3% of GDP whereas the primary balance recorded a surplus of 1.1% of GDP in 7MFY23. Further slowdown in economic activity and reduction in imports in 4QFY23 poses downside risks to maintaining growth momentum in tax collection which may put further pressure on the GOP to introduce more taxes to achieve targets set by IMF.
According to the figures from Pakistan Bureau of Statistics (PBS), the trade deficit for the 3QFY23 narrowed to USD 22.9 billion where exports declined by 9.9% to USD 21.0 Billion, and imports plummeted 25.3% to USD 43.9 Billion. In 8MFY23, workers' remittances declined by 10.8% YoY and were at USD 17.9 billion. The Current Account Deficit (CAD) shrank for 8MFY23
4 First Quarter | March 31, 2023 |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Faysal Bank Ltd. published this content on 28 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2023 11:00:33 UTC.