MANAMA: Ithmaar Bank, a Bahrain-based Islamic retail bank, yesterday announced that its retail banking subsidiary in Pakistan, Faysal Bank Limited (FBL), posted a profit of $40.8 million in 2017.
The announcement, by Ithmaar Bank chief executive and FBL vice chairman Ahmed Abdul Rahim, follows the review and approval by the FBL board of directors of the financial results for the year ended December 31, 2017. Ithmaar Bank owns 66.6 per cent of FBL.
“I am pleased to announce that FBL registered a profit after tax of $40.8m in 2017, compared with a profit of $38.9m in 2016,” said Mr Abdul Rahim.
“This performance is commendable as the Pakistan banking industry is witnessing a period of low interest rates which has affected banking spreads. The bank’s performance is testimony to its ability to address the challenge by realigning its strategy,” he said.
“In 2017, FBL added 50 new branches to its retail banking network, and plans further expansion of its branch network in 2018,” said Mr Abdul Rahim. “The bank’s deposits have reached $3.4 billion and assets have crossed the $4.4bn mark with a capital base of more than $355m,” he said.