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Faisal Bank profits grow 19.6%

Faisal Bank profits grow 19.6%

ArabFinance:  Faisal Islamic Bank of Egypt (FAIT) reported a 19.6% Year on Year (YoY) increase in its net profit in the first quarter (Q1) of 2021, according to the bank’s statement to the Egyptian Exchange.

The bank’s net profit stood at EGP 578.53 million in Q1 2021, compared to EGP 483.53 million in the same period a year ago.

By the end of May, the bank’s business volume reached EGP 123.090 billion.

Total assets rose by 15.4% YoY to EGP 121.185 billion in May 2021, compared to EGP 105.001 billion in May 2020.

The listed bank reported a 19.3% YoY fall in its net profit in 2020, recording EGP 2.247 billion.

Faisal Islamic Bank of Egypt is a financial institution that offers banking and investment services in accordance to Islamic Sharia principles through its head office and 27 branches located across the country.

 

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