Egypt’s Faisal Islamic Bank first-half net profit up 87.5%

Egypt’s Faisal Islamic Bank on Monday reported an 87.5 percent leap in half-year net profit.

The Cairo-based shariah compliant financial institution saw its net profit reach 1.340 billion Egyptian pounds ($75 million) in the six months through June, up from 714.633 million pounds a year earlier.

Revenues also rose 29 percent to 4.168 billion pounds, compared to 3.231 billion pounds. Paid-up capital reached 1.775 billion pounds at the end of June, the bank added.