KARACHI, Feb 23: Faysal Bank Limited posted after-tax profit at Rs1,753 million for the year ended December 31, 2004, compared with Rs2,151 million the previous year.
The board announced final cash dividend at Rs2.5 (25 per cent), which along with the already paid interim at Rs2 per share (20 per cent) made an aggregate pay out of Rs4.50 (45 per cent) for the year ended December 31, 2004. Tied to the cash, the board also announced bonus shares at 10 per cent (one-for-ten).
The market greeted the results with an increase of Rs1.40 in the price of share in Faysal Bank, which closed at Rs58.40 on Wednesday. The bank announced that the annual general meeting (AGM) of shareholders would be held on March 29 and the final dividend and bonus shares would be paid/issued to shareholders whose names appear in the Register of Members at the close of business on March 21.
Analysts pointed out that the decrease in taxed profit was due mainly to a 33 per cent or Rs 882 million drop in non-mark up income. The Bank's core income had jumped 45 per cent to Rs1,635 million in the year under review, from Rs1,128 million the previous year.
The bank's shift to increasing its core income was a significant change, from its overwhelming reliance on non-core dividend income and capital gains from sale of equities in the previous years, analysts commented.
