FIB of Egypt records rise in business volume

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Cairo

Faisal Islamic Bank of Egypt said its business volume reached EGP 116.603 billion in November 2020, according to the bank’s statement filed to the Egyptian Exchange. The div marked a 14.6% rise from the EGP 101.746 billion recorded in November 2019, the bank added. Total assets increased 13% to record EGP 113.06 billion in November 2020, compared to EGP 100 billion in the same month a year earlier. The bank’s current accounts and deposits stood at EGP 95.65 billion in November 2020, a 13.6 % growth from EGP 84.21 billion posted in November 2019.
The bank posted a consolidated net profit of EGP1.434 billion in the January-September 2020, compared to EGP 2.080 billion achieved in the prior-year period. Faisal Islamic Bank of Egypt has got the approval of the Central Bank of Egypt to merge the shares of Faisal Investment Bank – Bahrain and Ithmaar Bank. Faisal Islamic is a financial institution that offers banking and investment services in accordance with Islamic sharia principles through its head office and 27 branches located across the country.—Zawya News