Faisal Islamic Bank’s business volume rises 3.6% YoY in October

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Egypt - Faisal Islamic Bank of Egypt (FAIT) reported a 3.6% year-on-year (YoY) increase in business volume at the end of October 2022, according to the indicators filed to the Egyptian Exchange (EGX) on Thursday.

The bank’s business volume recorded EGP 153.7 billion at the end of October, compared to EGP 148.307 billion in October 2021.

Total assets grew by 3.2% YoY to EGP 151.291 billion last October, compared to EGP 146.564 billion in the same month of 2021.

The bank’s current and saving accounts rose by 1.4% YoY to EGP 124.386 billion in October from EGP 122.67 billion in the corresponding month last year.

It is worth noting that the bank recorded a standalone net profit after tax of EGP 2.29 billion in the nine-month period that ended on September 30th, up from EGP 1.68 billion in the year-ago period.

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.