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
September 30, 2022 Third 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 | Third Quarter | September 30, 2022 |
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. A.F. Ferguson & 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 | Email : | info@cdcsrsl.com | |
Website : | www.faysalbank.com |
September 30, 2022 Third 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 and nine months ended September 30, 2022.
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.
The Bank's footprint spreads over 246 cities across the country with 643 branches. In line with FBL's strategy of transforming into an Islamic Bank, 99.8% branches are offering dedicated 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% (2021: 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
The Monetary Policy Committee (MPC) in its meeting held on October 10, 2022, decided to maintain the policy rate at 15.00% citing continued deceleration in economic activity, decline in headline inflation and current account deficit since the last meeting. The MPC was of the view that the 'existing monetary policy stance strikes an appropriate balance between managing inflation and maintaining growth in the wake of the floods.' The average inflation for 1QFY23 stood at 25.1%, as headline inflation, after a peak in August, fell by more than 4% in September to 23.2 %, driven by a reduction in electricity prices. On the other hand, both core and food inflation picked up further. Looking ahead, the supply-shock to food prices from the floods is expected to put additional pressure on headline inflation in the coming months. SBP projects inflation to be slightly above its prior forecast of 18-20%. MPC also stated that the GDP growth could fall to around 2% in FY23, compared to the previous forecast of 3-4%. Externally, hawkish responses by prominent central banks have furthered recession risks as central banks around the world endeavor to tame inflation spikes and yearn to reduce the risk of hard landing.
As per the Pakistan Bureau of Statistics (PBS), the trade deficit for the 1QFY23 narrowed to USD 9.3 billion where exports increased by 1.8% to USD 7 billion, and imports fell by 12.7% to USD 16.3 billion. In 1QFY23, workers' remittances fell by 6.3% YOY as it reached USD 7.7 billion. The current account deficit shrank for the second consecutive month in August to USD
0.7 billion, almost half the level in July. In line with the trade data, the USD/PKR parity appreciated to 217.79 from 239.71. Despite this appreciation, as at quarter end, SBP reserves were down to USD 7.899 billion, lowest since 2018-19. The default risk still seems to be relevant
4 | Third Quarter | September 30, 2022 |
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Faysal Bank Ltd. published this content on 28 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2022 07:42:03 UTC.