Faisal Islamic Bank of Egypt’s business volume up 11.3%

30
Cairo

The business volume of Faisal Islamic Bank of Egypt (FAIT) levelled up 11.3% Year on Year (YoY) to EGP 119.38 billion by the end of February 2021, compared to EGP 107.28 billion in the same period of 2020, according to the bank’s statement to the Egyptian Exchange on March 16th.

Total assets rose by 12.3% YoY to EGP 117 billion in February, compared to EGP 104.38 billion in February 2020. On a yearly basis, the bank’s current and saving accounts grew 12.9% to EGP 99.24 billion last month.

The listed bank reported a 24% YoY decline in its standalone net profit in 2020, recording EGP 2.05 million, compared to EGP 2.71 million in 2019.

Faisal Islamic Bank of Egypt 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

 

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