Egypt Faisal Islamic Bank’s business volume 14.1% up end-November

Faisal Islamic Bank of Egypt reported on Tuesday a 14.1 percent year-on-year increase in business volume to 102.680 billion Egyptian pounds ($6.3 billion) at the end of November, according to Mubasher.

Earlier, business volume stood at 90 billion pounds at the end of November in 2018, the bank’s financial indicators showed.

The bank’s assets grew to 100.93 billion 102.680 billion Egyptian pounds at the end of last November versus 88.48 billion pounds during the same period last year, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

Moreover, current accounts and savings schemes ran by Faisal Bank rose by 13.4 percent to 84.93 million pounds last month against 74.90 million pounds.

This was accompanied by a growth in the number of current accounts and saving schemes, which totalled 1.717 million.

Faisal Islamic Bank of Egypt posted a net profit of 2.07 billion pounds during the first nine months of 2019, compared with 1.96 billion pounds during the same nine months of the preceding year.

In addition, the bank’s revenues amounted 4.98 billion pounds, rising year-on-year from 4.6 billion pounds.