Faisal Islamic Bank Egypt’s consolidated profit soars 122.9% YoY in Q1

Reuters Images/Mohamed Nureldin Abdallah

Consolidated net profit after tax amounted to $68mln in the three-month period ended March 31

Staff Writer, Arab Finance

May 27, 2022

PHOTO

Egypt - Faisal Islamic Bank of Egypt (FAIT) reported a 122.9% year-on-year (YoY) surge in consolidated net profit after tax for the first quarter (Q1) of 2022, according to the bank’s unaudited financial indicators filed to the Egyptian Exchange (EGX) on May 26th.

Consolidated net profit after tax amounted to EGP 1.28 billion in the three-month period ended March 31st, compared to a profit of EGP 578.53 million in Q1 2021.

The bank also generated revenues of EGP 4.55 billion in Q1 2022, rising by 42.4% from EGP 3.19 billion in the same quarter last year.

Faisal Islamic Bank of Egypt 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.

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