Cairo
Faisal Islamic Bank of Egypt reported a 23.8% Year on Year decline in its profit for 2020, according to unaudited financial results filed to the Egyptian Exchange. Standalone net profit stood at EGP 2.1 billion in December 31st 2020, compared to EGP 2.7 billion in the same period a year earlier. Assets grew 15.5% Year on Year to EGP 104.084 billion by the end of July 2020. The bank said it would increase its issued capital to $506.22 million (EGP 7.95 billion). Faisal Bank is a financial institution that offers banking and investment services in accordance to Islamic Sharia principles through its head office and 27 branches located across the country.—Zawya News
