Egypt’s Faisal Islamic Bank posts 11.1% up in business volume at end-Jan.

Faisal Islamic Bank of Egypt on Monday said that its business volume increased 11.1 percent by the end of January 2018, compared to the year-ago period.

The Islamic lender’s business volume rose to 84.66 billion pounds by the end of the first month of the year, compared to 76.21 billion pounds in the same period a year earlier, according to a statement to the Egyptian Exchange (EGX).

The bank’s assets jumped 11.3 percent to 83.4 billion pounds last month versus 74.91 billion pounds in the corresponding period the year before.

The lender’s current accounts and saving schemes increased 11.8 percent or 71.95 billion pounds, while liquidated assets surged 31.9 percent to 4.95 billion pounds.

Faisal Islamic Bank generated 1.7 billion pounds in profits during the full-year 2017, down from 2.8 billion pounds in the prior year.

The bank’s standalone revenues tumbled to 6.8 billion pounds last year against 7.4 billion pounds in 2016.

Faisal Islamic Bank’s stock inched up 0.06 percent, closing Monday at SAR 16.82, after 73,000 shares were exchanged, with a liquidity of 1.24 billion pounds.

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