Faisal Islamic Bank-Egypt posts 11.4% surge in assets in March

Faisal Islamic Bank of Egypt on Monday reported a 11.4 percent growth growth in its assets to record 84.5 billion Egyptian pounds ($4.8 million) during March 2018 from 75.9 billion pounds during the same period in 2017, the bank said Monday in a filing to the Egyptian Exchange (EGX).

The bank’s business volume rose by 11.3 percent, recording 85.8 billion Egyptian pounds at the end of last March, versus 77.11 billion pounds during the same period a year earlier.

The Islamic lender’s current accounts and saving schemes increased by 11.6 percent or 72.5 billion pounds, while liquidated assets rose 19.1 percent to 4.88 billion pounds.

The standalone financial indicators of the lender had previously shown a 76.9 percent year-on-year surge in profits for the first quarter of 2018, recording 777.9 million pounds from 439.7 million pounds.

Faisal Islamic Bank had also reported a 38.83 percent year-on-year drop in consolidated profits for 2017, with 1.78 billion pounds in net profit, compared with 2.91 billion pounds a year earlier.