Faisal Islamic Bank’s Net Profit Falls to EGP172.3 million in Q1

Big 5

Faisal Islamic Bank of Egypt reported on Wednesday its first quarter results, showing a decline in net profit by 0.97% year-on-year to record EGP 172.3 million ($24.1 million).

In Q1/2013, the bank posted a net profit of EGP 174 million.

In addition, the results also revealed that the bank’s investments in treasury bills and bonds by end of March 2014 surged by EGP 963 million (or 4.6%) to EGP 21.6 billion, compared to EGP 20.6 billion at end of December 2013.

Total assets at Faisal Islamic Bank also rose by EGP 1.08 billion (or 2.4%) to register EGP 46.4 billion by March-end versus EGP 45.35 billion at December-end.

Moreover, the bank’s deposit portfolio increased to EGP 41.52 billion by March-end, compared to EGP 40.7 billion at December-end.