Egypt's Faisal Islamic Bank reports 180.6% YoY consolidated profit surge in Q1

Reuters

Faisal Islamic Bank of Egypt is a financial institution that offers banking and investment services per Islamic Sharia principles

Staff Writer, Arab Finance

May 9, 2024

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Faisal Islamic Bank’s consolidated net profits after tax soared 180.6% year on year (YoY) in the first quarter (Q1) of 2024 to EGP 6.166 billion, compared to EGP 2.197 billion, according to the bank's financial indicators.

Likewise, revenues went up by 78.8% YoY in Q1, hitting EGP 11.668 billion, versus EGP 6.524 billion.

On April 16th, the bank posted a 179% YoY surge in standalone net profits in Q1 of 2024 to EGP 6.002 billion, compared to EGP 2.15 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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