Egypt’s Faisal Islamic Bank records $7.15 in business volume during August

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Cairo

The Faisal Islamic Bank of Egypt has reported a 9.3% increase in its volume of business to EGP 112.751bn in August 2020, compared to EGP 103.149bn in August 2019. According to a statement the bank sent to the Egyptian Exchange (EGX) on Tuesday, the bank’s total assets reached EGP 109.713bn in August 2020. This reflected a 13% growth compared to the EGP 97.124bn reported in August 2019. The bank’s total current and saving accounts reached about EGP 93.083bn in August 2020, compared to EGP 81.905bn in the same period in 2019, reflecting a 13.6% growth. The volume of employment and investment balances reached EGP 100.314bn in August 2020, reflecting a 12.1% growth on the EGP 89.489bn of August 2019. It reported that its total equity reached EGP 14.348bn in August 2020, compared to EGP 13.359bn in August 2019. The number of customer accounts grew to about 1.775m in August 2020, according to the bank, compared to about 1.692m accounts in August 2019, reflecting a 9.3% growth. Faisal Islamic Bank aims to open five new branches over the course of the current year, bringing its total network of branches to 41. It aims to further expand its branch network to 46 by the end of 2021. A source at the bank said that they also seek to expand in automatic teller machines (ATMs) by the end of 2021. It aims to bring its total ATMs to 533 distributed throughout the country. He added that, during the next phase, the bank is planning to complete construction work and the equipping of its new headquarters at the New Administrative Capital (NAC). The bank also plans to offer a number of new services, including “Meeza” debit and pre-paid cards, and new bill e-payment service “Fawri”.—Zawya News

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