The business volume of Faisal Islamic Bank of Egypt amounted to EGP 97.47bn at the end of May, up from EGP 85.67bn end of May 2018, up by 13.8%.
The bank’s total assets stood at EGP 95.86bn, up from EGP 84.44bn at the end of May 2018, rising by 13.5%.
The bank’s current accounts and savings vessels rose by 11.3% to record EGP 81.2bn, while employment and investment balances rose by 13.8% to EGP 88.67bn.
The bank explained that the number of current accounts and saving instruments amounted to 1.661m accounts managed by the bank for its customers.
Furthermore, the bank posted a net profit of EGP 1.04bn in the first quarter (Q1) of 2019, up from EGP 777.95m in Q1 of 2018.
According to the bank, the increase in profits during Q1 was supported by the increase of saving vessels by about EGP 2bn, which positively affected the increase in investments and therefore the net profit along with the positive impact of applying IFRS 9.