Faisal Islamic Bank H1 profits 67.3% up on Egypt pound float

Egypt’s Faisal Islamic Bank has made a 67.3 percent y-o-y rise in profits for the first half of 2017 triggered by an increase in revenues and the floatation of the local currency.

Profits have reached 714.63 million Egyptian pounds ($39.7 million) at the end of June 2017, compared to 427.03 million pounds in the same period last year, the bank said in a bourse filling on Sunday.

Revenues also rose to 3.2 billion pounds, compared to 2.54 billion pounds last year.

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.