Egypt’s Faisal Islamic Bank assets rise 14.8% by end-September

Faisal Islamic Bank of Egypt’s assets totalled 98.776 billion pounds at the end of September from 86.059 billion pounds during the same month in 2018, marking a 14.8 percent increase.

The bank said in a statement to the Egyptian Exchange that it’s business volume jumped to 100.896 billion pounds at the end of September 2019, compared to 87.587 billion pounds in September 2018, a growth rate of 15.2 percent.

It pointed out that its current account balances and saving vessels reached about 82.896 billion pounds in September 2019, compared to about 73.516 billion pounds at the end of September 2018, a growth rate of 12.8 percent.

These balances are distributed on 1.701 million client accounts managed by the bank.

In regards to the investment balances, the bank revealed that its total investment balances reached  90.963 billion pounds at the end of September 2019, marking 14.4 percent increase, from 79.544 billion pounds at the end of September 2018.

Furthermore, the bank’s net profits witnessed a 4.7 percent growth, to record 2.06 billion pounds in the first nine months of 2019, compared to 1.967 billion pounds in the first nine months of 2018.

The bank attributed the increase in net profits to the increase in the size of its savings vessels by about 3.8 billion pounds during the first nine months of 2019, which positively impacted the increase in investments, and consequently the increase in net profits, in addition to the positive impact of the application of the new international accounting standard, IFRS 9.

In gross revenue terms, the bank’s total revenues recorded 6.973 billion pounds at the end of September 2019, compared to 6.262 billion pounds at the end of September 2018, an increase of 710.9 million  pounds, and a growth rate of 11.4 percent.

Faisal Islamic Bank of Egypt’s equity grew 25.5 percent at the end of September 2019 to 12.773 billion pounds, compared to 10.180 billion pounds at the end of September 2018.

Moreover, the total paid-up capital reached 3.046 billion pounds at the end of September 2019, compared to 1.775 billion pounds at the end of December 2018, a growth of 71.6 percent.

In July 2019, the extraordinary general assembly of the bank agreed to double the authorized capital of the bank from $500m to $1bn.

The bank said its total reserves reached 3.702 billion pounds by the end of September 2019, compared to 3.810 billion pounds, a decrease of 107.874 million pounds.

Profits held by the bank reached EGP 3.965bn at the end of September 2019, compared to 3.639 billion pounds at the end of December 2018, an increase of 325.134 billion pounds, marking a growth of 8.9 percent.

Source: Daily News

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