Faisal Islamic Bank reports a decline in profit by 54% during Q1

The consolidated financial results of Faisal Islamic Bank of Egypt showed a 53.6 percent year-on-year (YoY) drop in its net profits to483.53 million Egyptian pounds in the first quarter (Q1) of 2020 from 1.043 billion pounds.

Meanwhile, the bank’s revenues fell to 2.63 billion pounds in the January-March period, compared to 3.22 billion pounds in the corresponding period a year earlier, according to a bourse disclosure on Sunday.

As for standalone business, the lender’s net profits slid to 791.6 million pounds  in Q1-20 from 1.36 billion pounds in Q1-19, while its revenues went down to 4.52 billion pounds from 4.55 billion pounds.

It is worth mentioning that in 2019, Faisal Islamic Bank of Egypt reported consolidated net profit of EGP 2.78 billion, up from 2.56 billion pounds in 2018, including minority shareholders’ rights.