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.