Faisal Islamic Bank’s standalone profits down 9.3% YoY in 2023

Reuters/Asmaa Waguih

The company’s standalone profit after tax fell to EGP 4.057 billion last year from EGP 4.475 billion the year before.

Staff Writer, Arab Finance

January 18, 2024

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Faisal Islamic Bank of Egypt (FAIT) posted a 9.3% year-on-year (YoY) decline in standalone profit after tax in 2023, according to the unaudited financial statement filed to the Egyptian Exchange (EGX) on January 18th.

The company’s standalone profit after tax fell to EGP 4.057 billion last year from EGP 4.475 billion the year before.

Meanwhile, standalone revenues went up 24% YoY to EGP 18.939 billion from EGP 15.28 billion.

Faisal Islamic Bank of Egypt is a financial institution that offers banking and investment services per Islamic Sharia principles through its head office and 27 branches across the country.

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