Transmission of Quarterly Report for the first quarter ended March 31, 2025 of Faysal Bank Limited

Contents

Corporate Information 2

Unconsolidated Financial Statements

Directors' Review 4

Condensed Interim Unconsolidated Statement of Financial Position 16

Condensed Interim Unconsolidated Statement of Profit and Loss Account 17

Condensed Interim Unconsolidated Statement of Comprehensive Income 18

Condensed Interim Unconsolidated Statement of Changes in Equity 19

Condensed Interim Unconsolidated Cash Flow Statement 20

Notes to the Condensed Interim Unconsolidated Financial Statements 21

Consolidated Financial Statements

Directors' Review 50

Condensed Interim Consolidated Statement of Financial Position 59

Condensed Interim Consolidated Statement of Profit and Loss Account 60

Condensed Interim Consolidated Statement of Comprehensive Income 61

Condensed Interim Consolidated Statement of Changes in Equity 62

Condensed Interim Consolidated Cash Flow Statement 63

Notes to the Condensed Interim Consolidated Financial Statements 64

Corporate Information

Mian Muhammad Younis Chairman/Non-Executive Director

Mr. Ahmed Abdulrahim Mohamed Abdulla Bucheery Vice Chairman/Non-Executive Director Mr. Yousaf Hussain President & CEO

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 Ms. Fatima Asad Khan Independent Director

Mr. Mohsin Tariq Independent Director

Ms. Sadia Khan Independent Director

Mr. Ali Munir Chairman

Mr. Ahmed Abdulrahim Mohamed Abdulla Bucheery Member Mr. Juma Hasan Ali Abul Member

Mr. Mohsin Tariq Member

Mr. Imtiaz Ahmad Pervez Chairman

Mr. Abdulelah Ebrahim Mohamed AlQasimi Member

Mr. Ali Munir Member

Mr. Yousaf Hussain Member

Mr. Ahmed Abdulrahim Mohamed Abdulla Bucheery Chairman Mr. Juma Hasan Ali Abul Member

Mr. Mohsin Tariq Member

Ms. Fatima Asad Khan Member

Ms. Sadia Khan Member

Mian Muhammad Younis Chairman Mr. Ahmed Abdulrahim Mohamed Abdulla Bucheery Member Mr. Juma Hasan Ali Abul Member

Mr. Imtiaz Ahmad Pervez Member

Ms. Fatima Asad Khan Member

Mr. Yousaf Hussain Member

Ms. Sadia Khan Chairperson

Mr. Abdulelah Ebrahim Mohamed AlQasimi Member

Mr. Yousaf Hussain Member

Corporate Information

Mian Muhammad Younis Chairman

Mr. Abdulelah Ebrahim Mohamed AlQasimi Member

Ms. Fatima Asad Khan Member

Ms. Sadia Khan Member

Mr. Yousaf Hussain Member

Mufti Muhammad Mohib-ul-Haq Siddiqui Chairperson Shariah Board

Dr. Mufti Khalil Ahmad Aazami Member Shariah Board

Mufti Muhammad Najeeb Khan Member Shariah Board

Dr. Mufti Hassan Ashraf Usmani Member Shariah Board

Mufti Muhammad Uzair Qasim Member Shariah Board

Mufti Abdul Basit Resident Shariah Board Member

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 : https://www.faysalbank.com

Note: The State Bank of Pakistan has accorded the Fit & Proper approval to the above-mentioned Members of the Board of Directors and accordingly, the said Directors have assumed their responsibilities as the directors.

DIRECTORS' REVIEW

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 ended March 31, 2025.

FBL was incorporated in Pakistan on October 03, 1994, as a public limited company and its shares are listed on Pakistan Stock Exchange. FBL offers a wide range of Islamic banking services to all customer segments, i.e., Retail, Small & Medium Sized Enterprises, Commercial, Agri-based, and Corporate.

The Bank surrendered its conventional banking license on 31 December 2023 and effective 01 January 2023 it began its fully shariah-compliant operations under an Islamic Banking License issued by the State Bank of Pakistan (SBP). It's footprint spreads over 340 cities across the country with 855 branches offering sharia-compliant banking services.

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% (2024: 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 Company 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 laws, principles, and traditions.

Pakistan's economy in the first quarter of 2025 reflected a mix of encouraging signs and lingering challenges. Encouragingly, inflation reached historic lows and fiscal discipline improved, laying the groundwork for cautious optimism. However, weak industrial performance and external sector volatility signaled the need for sustained policy attention.

During the first seven months of FY2025 (July 2024 to January 2025), the agriculture sector sustained momentum, underpinned by a 16% increase in agricultural credit disbursement from the same period last year. On the other hand, the Large-Scale Manufacturing (LSM) sector contracted by 1.8% year-on-year, despite 2.1% month-on-month recovery in January 2025. Sector-specific trends were mixed, with growth in automobiles, tobacco, and textiles, offset by decline in food, chemicals, and steel.

A notable disinflationary trend characterized Q1 2025, with average year on year CPI inflation easing to around 1.5%, the lowest in nearly six decades. The month-on-month inflation was contained at 0.7% in March 2025, despite seasonal inflationary pressures historically witnessed during Ramdan Overall, inflationary pressures remained subdued, providing relief to consumers and space for policy flexibility.

SBP in its Monetary Policy Committee meeting on March 10, 2025, opted to keep the policy rate unchanged at 12%, halting its monetary easing cycle after six consecutive rate cuts from June

2024 to January 2025. The decision reflected a shift toward caution by SBP, driven by concerns about persistent core inflation and emerging external sector vulnerabilities. Despite headline inflation falling to historic lows, the SBP opted for a prudent stance, acknowledging the importance of maintaining macroeconomic stability.

The fiscal consolidation measures have yielded positive results, showing improvements in fiscal accounts during the 1H FY25, with the budget deficit narrowing to 1.2% of the GDP, down from 2.3% in the same period last year. The primary surplus showed significant improvement of PKR

3.6 trillion (2.9% of GDP) with SBP profit contributing 70% (PKR 2.5 Trillion) of the primary surplus in the 1H FY25. Provinces have also performed above expectations and contributed PKR 775 billion surplus thus bringing down the overall fiscal deficit. GDP grew 1.73% YoY in 2QFY25, led by agriculture (1.10%) and services (2.57%), while the industrial sector contracted slightly (-0.18%).

The KSE-100 Index experienced volatility, declining early in the year before rebounding in March to close at 117,807, up 4% for the quarter. It hit an all-time high of 119,000 but struggled with low trading volumes, particularly during Ramadan. Despite foreign and mutual fund outflows, local banks emerged as net buyers. Investor interest was notably strong in the energy sector, driven by expectations of IMF-backed reforms to resolve circular debt.

Pakistan's current account posted a surplus during July-March in the ongoing fiscal year. During 9MFY25 current account stands at USD 1.859 billion. Pakistan recorded its highest-ever monthly current account surplus in March 2025 of USD 1.195 billion. The workers remittances for 9MFY25 stood at USD 28.029 billion. For the month of March alone, worker remittances posted highest ever inflow of USD 4.1 billion. Goods exports rose 7.72% YoY to USD 24.660 billion, while imports climbed 11.08% to USD 43.38 billion, widening the trade deficit to USD 18.728 billion. Balance on trade in goods and services stands at the deficit of USD 21.046 billion compared to a deficit of USD 18.34 billion during the same period last year.

The first quarter of 2025 presented a cautiously optimistic picture for Pakistan's economy. Disinflationary trends provided much-needed relief to households and created space for potential monetary support, while fiscal consolidation efforts showed tangible progress. However, challenges persisted in the external sector and manufacturing performance, necessitating continued policy vigilance. The government's focus on macroeconomic stability, along with sectoral support, will remain crucial to sustaining momentum through the remainder of the fiscal year. If inflation remains low and external buffers are preserved, conditions may become favorable for a broader economic recovery in the coming quarters. However, rising global trade tensions following new U.S. tariffs on key imports and retaliatory measures from China and other affected countries, pose additional risks to Pakistan's external sector and overall investor sentiment. These geopolitical developments may disrupt trade flows and supply chains, warranting proactive monitoring and adaptive policy responses to safeguard economic resilience.

A detailed review of the Bank's performance is given in the following paragraphs:

Rs in million

Rs in million

On a standalone basis, Profit Before Tax (PBT) is at PKR 11.1 billion, reflecting resilient performance despite a challenging macro-economic environment. Profit After Tax (PAT) stood at PKR 5.1 billion, impacted by an increase in the tax rate from 49% to 53%. Earnings Per Share decreased from PKR 4.29 to PKR 3.39.

Total revenue stood at PKR 22.1 billion in Q1'25, while this represents a decline of 5.9% over Q1'24, it reflects the Bank's ability to maintain strong topline momentum despite a sharp reduction in policy rates and the implementation of the Minimum Deposit Rate (MDR) on savings deposits effective January 1, 2025. Net spreads earned were PKR 17.2 billion, with the impact of margin compression partially offset by strong growth in current deposits, which increased by PKR 102 billion (27.5%) YoY.

Non-fund income remained a key source of revenue, growing by 4.4% over the corresponding quarter last year and is at PKR 4.9 billion in Q1'25. Fee income has a robust growth of 20.3%, reaching PKR 3.1 billion, while foreign exchange income remained resilient, growing by 7.3%, to PKR 1.7 billion. Additionally, the Bank realized gain of PKR 0.9 billion on equity securities booked in equity during Q1'25, compared to PKR 0.2 billion in Q1'24.

The Bank's total expenses increased by 21% over Q1'24, driven by inflation and the full year impact of an expanded branch network. There is however a net reversal of PKR 2.3 billion in provisions compared to a charge of PKR 0.03 billion in Q1'24. Asset quality continued to improve with the NPL ratio declining to 3.4% as compared to 3.6% as at Dec'24. The total coverage stands at 100.3%.

FBL's total assets continued to grow, reaching PKR 1.6 trillion, driven by strong deposit mobilization. The upward trend in Current Accounts seen over the past few years continued, taking them to PKR 472 billion i.e., 15.6% growth over December 2024. Total deposits also increased by 6.6% over December 2024 and are at PKR 1.1 trillion. Current Account (CA) mix improved to 42.4% from 39.1% in December 2024 and CASA mix improved to 88.3% from 85.5% in December 2024.

FBL's net financing increased by 1.5% to PKR 644 billion and ADR moderated to 57.8% as at Mar'25 from 60.7% at Dec'24. Investments increased by 2.2% and reached PKR 693 billion.

Looking forward, we are cognizant of the intense competition and the expected compression in spreads due to decline in the policy rate and introduction of Minimum Deposit Rate (MDR) on saving accounts of Islamic banks. Despite these pressures, through FBL's prudent financial management, Insha'Allah, the Bank will be able to navigate these challenges and sustain growth.

As part of our strategic vision, the Bank is committed to expanding its branch network to drive deposit growth and improve customer reach. Simultaneously, we are focused on improving customer experience through streamlined processes and by investing in cutting-edge digital solutions that will elevate our digital offerings and enrich overall customer experience.

In line with our focus on long term sustainability, we will continue to invest in our workforce, fostering an environment that upholds our core values of Faith, Integrity, Teamwork, Innovation, and Care. Our focus on sustainability goes towards reducing our environmental impact, along with creating a positive difference in the communities we serve. By prioritizing these principles, we aim to strengthen our position in the market and better serve the evolving needs of our customers in the years ahead.

VIS Credit Rating Company Limited (VIS) and Pakistan Credit Rating Agency Limited (PACRA) have re-affirmed the following entity ratings in 2024:

Long-Term AA

Short-Term A1+

PACRA has assigned a 'Stable' outlook, while VIS has upgraded the outlook to 'Positive'.

The Board of Directors, in their meeting held on April 24, 2025 declared an interim cash dividend of Rs 1.5 per share (15%) for the quarter ended March 31, 2025.

On behalf of the Board and the Management, we extend gratitude to our esteemed shareholders for their unwavering support. We are indebted to our customers for their continuous confidence and trust. We also would like to place on record our appreciation for the Government of Pakistan, the State Bank of Pakistan and the Securities and Exchange Commission of Pakistan for their continued support and guidance and for developing and strengthening the banking and financial services sector through continuous improvement in the regulatory and governance framework.

As always, we would also like to express sincere appreciation for the Shariah Board. We would also like to take this opportunity to recognize and commend the unwavering commitment and exceptional efforts extended by our employees in driving the growth of FBL. We extend our heartfelt thanks to them for their relentless dedication and hard work.

In compliance with the requirement of the Companies Act, 2017, this Directors' Report with the recommendations of the Board Audit and Corporate Governance Committee has been approved by the Directors in their meeting held on April 24, 2025 and signed by the Chief Executive Officer and a director.

President & CEO Chairman

Karachi

Dated: April 24, 2025

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Condensed Interim Unconsolidated Statement of Financial Position

As at March 31, 2025

(Un-audited) (Audited)

March 31, December 31,

2025 2024

Rupees in '000

The annexed notes 1 to 42 form an integral part of these condensed interim unconsolidated financial statements.

Condensed Interim Unconsolidated Statement of Profit and Loss Account (Un-audited)

For the quarter ended March 31, 2025

Quarter ended

March 31,

2025 2024

Rupees in '000

3.39

Basic / diluted earnings per share 35

Rupees

4.29

The annexed notes 1 to 42 form an integral part of these condensed interim unconsolidated financial statements.

Condensed Interim Unconsolidated Statement of Comprehensive Income (Un-audited)

For the quarter ended March 31, 2025

Quarter ended

March 31, March 31,

Profit after taxation for the period

Other comprehensive income / (loss)

Movement in deficit on revaluation of debt investments through FVOCI - net of tax

Movement in (deficit) / surplus on revaluation of equity investments - net of tax

Movement in surplus on revaluation of property and equipment - net of tax

Movement in surplus on revaluation of non-banking assets - net of tax

Total comprehensive income

2025 2024

Rupees in '000

6,512,841

(712,720)

225,247

6,025,368

The annexed notes 1 to 42 form an integral part of these condensed interim unconsolidated financial statements.

Condensed Interim Unconsolidated Statement of Changes in Equity

For the quarter ended March 31, 2025

Rupees in '000

Restated balance as at January 1, 2024 (Audited) 15,176,965 10,131 188,301 23,952 15,393,804 15,616,188 2,453,924 11,802,042 14,255,966 41,395,345

86,444,464

Profit after taxation for the quarter ended March 31, 2024 - - - - - - - - -

Other comprehensive income - net of tax

Movement in deficit on revaluation of debt investments through FVOCI - net of tax

Movement in surplus on revaluation of equity investments through FVOCI - net of tax

Total other comprehensive loss - net of tax - - - - - - (487,473) - (487,473)

Gain on sale of equity instruments classified

as FVOCI - net of tax - - - - - - (201,273) - (201,273)

Transfer to statutory reserve - - - - 651,285 651,285 - - -

Transfer from surplus on revaluation of property and

equipment to unappropriated profit - net of tax - - - - - - - (35,934) (35,934)

Amortisation of intangible assets - customer

relationship - net of tax - - (10,472) - - (10,472) - - -

Transaction with owners, recorded directly in equity

Final cash dividend declared on February 7, 2024

6,512,841

-201,273

(651,285)

35,934

-

6,512,841

(487,473)

-

-

-(10,472)

at Rs 2 per share - - - - - - - - - (3,035,394) (3,035,394)

Restated balance as at March 31, 2024 (Un-audited) 15,176,965 10,131 177,829 23,952 16,045,089 16,257,001 1,765,178 11,766,108 13,531,286 44,458,714

Profit after taxation for the nine months period

89,423,966

ended December 31, 2024 - - - - - - - - -

Other comprehensive income - net of tax

Movement in surplus on revaluation of debt investments through FVOCI - net of tax

Movement in surplus on revaluation of equity investments through FVOCI - net of tax

Remeasurement loss on defined benefit obligations - net of tax

Movement in deficit on revaluation of property and equipment - net of tax

Movement in deficit on revaluation of non-banking assets - net of tax

Total other comprehensive income / (loss) - net of tax - - - - - - 9,510,619 (172,254) 9,338,365 Gain on sale of equity instruments classified

as FVOCI - net of tax - - - - - - (7,575) - (7,575)

Transfer to statutory reserve - - - - 1,651,534 1,651,534 - - -

Transfer from surplus on revaluation of property and

equipment to unappropriated profit - net of tax - - - - - - - (90,193) (90,193)

Transfer from surplus on revaluation of property and

equipment on disposal - net of tax - - - - - - - - -

Amortisation of intangible assets - customer

relationship - net of tax - - (42,178) - - (42,178) - - -

Transaction with owners, recorded directly in equity

First interim cash dividend declared on April 25, 2024

16,515,352

(44,500)

7,575

(1,651,534)

90,193

-

-

16,515,352

9,293,865

-

-

-

-(42,178)

at Re 1 per share - - - - - - - - -

Second interim cash dividend declared on August 28, 2024

at Rs 2 per share - - - - - - - - -

Third interim cash dividend declared on October 24, 2024

at Rs 1.5 per share - - - - - - - - -

(1,517,697) (1,517,697)

(3,035,394) (3,035,394)

(2,276,545) (2,276,545)

Balance as at December 31, 2024 (Audited) 15,176,965 10,131 135,651 23,952 17,696,623 17,866,357 11,268,222 11,503,661 22,771,883 52,546,164 108,361,369

Impact of adopting IFRS 9 as at January 1, 2025 - net of tax Restated balance as at January 1 , 2025 Profit after taxation for the quarter ended March 31, 2025 Other comprehensive income - net of tax Movement in deficit on revaluation of debt

investments through FVOCI - net of tax Movement in deficit on revaluation of equity investments through FVOCI - net of tax

Movement in surplus on revaluation of property and equipment - net of tax

Movement in surplus on revaluation of non-banking assets - net of tax

Total other comprehensive loss - net of tax Gain on sale of equity instruments classified

as FVOCI - net of tax Transfer to statutory reserve Transfer from surplus on revaluation of property and

equipment to unappropriated profit - net of tax Amortisation of intangible assets - customer

relationship - net of tax

Transaction with owners, recorded directly in equity

Final cash dividend declared on February 20, 2025 at Rs 2.5 per share

Balance as at March 31, 2025 (Un-audited)

* This represents reserve created under section 21(i)(b) of the Banking Companies Ordinance, 1962.

The annexed notes 1 to 42 form an integral part of these condensed interim unconsolidated financial statements.