Faisal Islamic Bank revenues climb by 1.5 bln Egyptian pounds on currency float

Egypt’s Faisal Islamic Bank reported a rise in 2016 revenues by 1.557 billion Egyptian pounds ($83.1 million), backed by the country’s central bank decision on Nov 3 to float the local currency.

Net profit before tax jumped by around 232 percent to 3.626 billion pounds by the end of 2016, compared to 1.411 billion pounds, the bank said in a bourse filling on Sunday.

The Central Bank of Egypt (CBE) decided earlier in November to float the Egyptian pound and raise key interest rates as part of a set of reforms aimed at alleviating the dollar shortage, eradicating the black market, and stabilising the country’s flagging economy.