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Faisal Islamic Bank Egypt’s deposits portfolio likely to hit EGP 110B end-2021

Faisal Islamic Bank Egypt’s deposits portfolio likely to hit EGP 110B end-2021

ArabFinance: The deposits portfolio of Faisal Islamic Bank of Egypt (FAIT) is expected to reach EGP 110 billion by the end of 2021, increasing by EGP 4 billion in the fourth quarter (Q4) of 2021, as compared to EGP 106 billion at the end of September 2021, an informed source told Amwal Al Ghad.

Moreover, the bank’s mortgage finance portfolio targets reaching EGP 1 billion by the end of 2021, compared to EGP 923 billion at the end of September 2021, the source said.

The number of beneficiaries under the Central Bank of Egypt’s (CBE) mortgage finance initiative reached 2,703 customers, with total financing worth EGP 617 million, the sources said.

It is worth noting that the bank’s business volume recorded EGP 128.70 billion at the end of October 2021, compared to EGP 115.68 billion in October 2020.

Total assets increased by 13.9% YoY to EGP 127.40 billion in October 2021, compared to EGP 111.89 billion in the same month of 2020.

It is worth noting that the bank’s consolidated 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.

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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