Faisal Islamic Bank's profit down 54% in Q1 2020

The bank’s revenues fell to $164mln

  

Cairo –  The consolidated financial results of Faisal Islamic Bank of Egypt showed a 53.6% year-on-year (YoY) drop in its net profits to EGP 483.53 million in the first quarter (Q1) of 2020 from EGP 1.043 billion.

Meanwhile, the bank’s revenues fell to EGP 2.63 billion in the January-March period, compared to EGP 3.22 billion in the corresponding period a year earlier, according to a bourse disclosure on Sunday.

As for standalone business, the lender’s net profits slid to EGP 791.6 million in Q1-20 from EGP 1.36 billion in Q1-19, while its revenues went down to EGP 4.52 billion from EGP 4.55 billion.

It is worth mentioning that in 2019, Faisal Islamic Bank of Egypt reported consolidated net profit of EGP 2.78 billion, up from EGP 2.56 billion in 2018, including minority shareholders’ rights.

Source: Mubasher

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