FABL holds corporate briefing

KARACHI: Faysal Bank Limited has recently conducted a virtual corporate briefing session to brief the analyst community and shareholders about the bank’s business strategy, financial performance, and outlook, a statement said on Wednesday. FABL Chief Financial Officer Syed Majid Ali briefed the shareholders, it added.

The bank has made significant progress on its strategy of conversion to an Islamic bank. A total of 87 percent of the bank’s branches are now offering dedicated shariah-compliant financial solutions.

During 2020, despite wide-ranging business and operational challenges posed by COVID-19, the Faysal Bank converted 65 branches to Islamic mode, which is a testament to its commitment of Islamic conversion.

The bank continues to increase outreach to its customers and opened 21 new Shariah-compliant branches during the previous year.

Alongside investment in brick and mortar infrastructure, the bank is aggressively working on enhancing its suite of digital offerings, the statement said.

In terms of financial performance, FABL posted a profit-after-tax of Rs6.5 billion for the year ended December 31, 2020, compared with Rs6 billion last year. Islamic banking business contributed 40 percent profit share.