Faisal Bank’s Finances Fell To EGP 3.21 Bln At End-2012

Faisal Islamic Bank of Egypt’s funds and balances held at the Central Bank of Egypt (CBE) fell 13.3% (EGP 451.6 million), registering EGP 2.93 billion at the end of 2012, compared with EGP 3.39 billion at the end of 2011.

The bank’s stand-alone budget showed that the bank’s balances held by other banks declined 35.4% (EGP 1.82 billion), registering EGP 3.31 billion at the end of 2012, compared with EGP 5.14 billion at the end of 2011.

The bank’s investments in securities surged 140.7% (EGP 8.9 billion), registering EGP 15.2 billion at the end of 2012, compared with EGP 6.35 billion at the end of 2011.

The value of the bank’s Musharakas, Murabahas and Mudarabas dived 3.9% (EGP 133.7 billion), registering EGP 3.21 billion at the end of 2012, compared with EGP 3.34 billion at the end of 2011.

The bank’s assets rose 17.1% (EGP 6 billion), registering EGP 41.08 billion at the end of 2012, compared with EGP 35.07 billion at the end of 2011.

The volume of the bank’s savings pools and certificates reached EGP 37.2 billion at the end of 2012, compared with EGP 32.1 billion at the end of 2011, registering an increase of 16% (EGP 5.1 billion).

The bank’s profit before income taxes rose 150.8% (EGP 685.8 million) to reach EGP 1.14 billion at the end of 2012, compared with EGP 454.7 million at the end of 2011.

The bank achieved net profit of EGP 632.3 million at the end of 2012, compared with EGP 186.5 million at the end of 2011, registering a growth rate of 238.9% (EGP 445.7 million).