Faysal Bank Limited’s Financial Results for the Second Quarter (Half Year) Ended June 30, 2011

Faysal Bank Limited’s Financial Results for the Second Quarter (Half Year) Ended June 30, 2011

Karachi: Further to our Letter dated July 11, 2011, we have to inform you that the Board of Directors of Faysal Bank Limited (FABL) at its meeting held on Monday, July 18, 2011 at Istanbul at 3:00p.m.(Istanbul Local Time) approved the following:

1.Cash Dividend:
NIL

2. Bonus Issue:
NIL

3. Right Share:
NIL

4. Any Other Entitlement/Corporate Action:
NIL

5. Any Other Price-Sensitive Information:
NIL

Condensed Interim Profit and Loss Account (Un-Audited) for the Quarter and Half Year Ended June 30, 2011

  Quarter Ended Half Yearly Ended
  June 30, 2011 June 30, 2010 June 30, 2011 June 30, 2010
  Rupees in ’000′
Mark-up/return/interest earned 7,076,956 4,384,676 13,756,058 8,705,201
Mark-up/return/interest expensed 4,794,508 2,936,545 9,313,042 6,037,517
  ———- ———- ———– ———-
Net mark-up/interest income 2,282,448 1,448,131 4,443,016 2,667,684
  ———- ———- ———– ———-
Provision/(reversal) against non-performing loans and advances-net (501,168) 331,056 (25,860) 628,981
Reversal of provision for consumer loans – general (50,747) (17,554) (43,451) (19,586)
Provision/ (reversal) for diminution in the value of investments 227,414 182,757 229,681 (6,348)
(Recovery) of / Bad debts bad debts written off 8,415 (30,916)
  ———- ———- ———– ———-
  (316,086) 496,259 128,444 603,047
Net mark-up/return/interest income after provisions 2,598,534 951,872 4,314,572 2,064,637
  ———- ———- ———– ———-
Non mark-up/return/interest income        
  ———- ———- ———– ———-
Fee, Commission and brokerage income 522,795 216,223 939,124 488,079
Dividend Income 88,450 50,648 213,888 171,251
Income from dealing in foreign currencies 234,134 103,421 423,867 239,996
Gain / (loss) on sale of Securities 338,942 (451,133) 486,511 1,251,545
Unrealised (loss) / gain on revolution of investments classified as hold for trading (82,754) (62,233) 186,249 (154,955)
Other income 184,906 27,871 399,829 66,875
  ———- ———- ———– ———-
Total non mark-up / return / interest income / (loss) 1,265,473 (115,203) 2,649,588 2,042,791
  ———- ———- ———– ———-
  3,865,007 836,669 6,964,140 4,107,428
Non mark-up / return / Interest expenses Administrative expenses 2,808,516 1,324,726 5,572,935 2,538,458
Other provisions – net 48,746 46,076
Other charges 62,741 39,960 69,969 39,950
  ———- ———- ———– ———-
Total non mark-up/return/ interest expenses 2,920,003 1,364,686 5,688,980 2,578,418
  ———- ———- ———– ———-
  945,004 (528,017) 1,275,160 1,529,010
Extraordinary / unusual items
  ———- ———- ———– ———-
Profit before taxation 945,004 (528,017) 1,275,160 1,529,010
  ———- ———- ———– ———-
Taxation  – Current period 92,279 (39,768) 185,445 293,310
– Prior years 277,753 (254,920) 277,753 (239,672)
– Deferred 22,482 (281,515) 18,214 (258,207)
  ———- ———- ———– ———-
  392,514 (576,203) 481,412 (204,769)
  ———- ———- ———– ———-
Profit after taxation 552,490 48,186 793,748 1,733,779
  ———- ———- ———– ———-

6. Financial Results:

The Profit and Loss Account of Faysal Bank Limited for the second quarter (HALF YEAR) ended June 30, 2011 is enclosed herewith as Annexure “A”.

We will be sending you 300 copies of printed accounts for distribution amongst the members of the Exchange in due course of time.

For more information, contact:
Mia Ejaz Ahmed
Company Secretary and Head of Legal
Faysal Bank Limited
Faysal House, ST.02, Shahrah-e-Faisal,
Karachi, Pakistan.
UAN: 021 111 747 747
Tel: 021 279 5200
Fax: 021 279 5226
Email: www.faysalbank.com

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