Faisal Islamic Bank Egypt posts 51.4% profit growth in 9 months

Faisal Islamic Bank of Egypt (FAIT) reported a 51.4% year-on-year (YoY) surge in net profit for the first nine months of 2023, according to the financial indicators filed to the Egyptian Exchange (EGX) on October 17th.

Net profit amounted to EGP 3.427 billion in the period from January to September, up from EGP 2.294 billion in the year-ago period.

Meanwhile, the bank’s total business volume increased by 0.9% to EGP 174.032 billion at the end of September, from EGP 172.441 billion in September 2022.

Total assets inched up by 0.8% YoY to EGP 170.953 billion end-September, compared to EGP 169.587 billion in the same month last year.

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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