Faisal Islamic Bank Egypt’s consolidated profit soars 70.35% YoY in Q1
Updated 5/31/2023 11:57:00 AMArab Finance: Faisal Islamic Bank of Egypt (FAIT) reported a 70.35% year-on-year (YoY) surge in consolidated net profits after tax and non-controlling interests for the first quarter (Q1) of 2023, according to the bank’s financial statements filed to the Egyptian Exchange (EGX) on May 31st.
Consolidated net profits after tax and non-controlling interests amounted to EGP 2.197 billion in the three-month period ended March 31st, compared to a profit of EGP 1.289 billion in Q1 2022.
Net interest income rose to EGP 1.780 billion during the January-March period of this year, compared to EGP 1.486 billion during the first three months of 2022.
The lender’s standalone net profits after tax stood at EGP 2.145 billion during Q1 2023, compared to EGP 1.188 billion during the January-March period of 2022.
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.
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