ArabFinance: Faisal Islamic Bank of Egypt (FAIT) achieved a 23.8% year-on-year (YoY) profit increase during the first nine months of 2021, according to the bank’s unaudited consolidated financial results to the Egyptian Exchange.

The bank’s net profit stood at EGP 1.77 billion during the January-September period of 2021, compared to EGP 1.43 billion in the same period of 2020.

In October, the bank announced reporting a 27.2% YoY increase in standalone net profit for the first nine months of 2021, according to the bank’s preliminary financial results.

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