Faysal Bank Limited Pakistan (FBL) has registered a rise in operating profits from $66.05 million in 2005 to $74.35 million in 2006.

Net profit rose from $51.8 million to $54.6 million for the year ended December 31, 2006.

FBL is a subsidiary of Ithmaar Bank, a Bahrain-based investment bank with global reach.

No less than 19 new branches were opened by FBL in its home country Pakistan during 2006, bringing the total number to 75 and augmenting its market share in the process, said an official spokesman.

The full service bank consolidated its leading position, investing heavily in new technologies that will help drive future growth, in a year which saw it make an aggressive push into the booming Pakistani market.

"FBL enjoyed another robust year in 2006, allowing us to focus on long-term plans which will put the Bank in an ideal position to fully capitalise on Pakistan's very positive future outlook," said FBL president and CEO Farook Bengali.

The Bank moved its head office to the newly built Faysal House in Karachi in June while its central region office also moved to a new purpose-built facility in Lahore towards the end of the year.

The year 2006 is also notable for several large scale corporate and investment banking deals, which confirmed FBL's position as a regional leader.TradeArabia News Service