Egypt-based Faisal Islamic Bank increases large, medium company financing to $669.4mlnn in March

Faisal Islamic Bank’s financing for micro enterprises recorded about $1mln in March 2021

  

The financial statements released by the Faisal Islamic Bank of Egypt have revealed that its financing of large and medium companies reached about EGP 10.553bn in March 2021.

The latest divs cover the first quarter (Q1) of 2021, and compare to the EGP 9.482bn it reported at the end of 2020. Meanwhile, the bank’s financing for small enterprises recorded about EGP 824.452m in March 2021, compared to EGP 877.8m in 2020.

The Faisal Islamic Bank’s financing for micro enterprises recorded about EGP 17.046m in March 2021, compared to EGP 18.165m in 2020.

Central Bank of Egypt (CBE) rules stipulate that the financing of micro, small, and medium enterprises (MSMEs) should account for about 25% of a bank’s credit portfolio by the end of 2022, and 10% for small enterprises. 

The total portfolio of shares, profits, and speculations covered by Faisal Islamic Bank amounted to EGP 10.820bn at the end of March 2021, compared to EGP 10.020bn in 2020.

Total revenues at Faisal Islamic Bank increased to record EGP 2.563bn in March 2021, compared to EGP 2.147bn in March 2020, reflecting a growth rate of 19.4%.

The bank’s financial data revealed that its total profit increased to EGP 1.255bn at the end of Q1 of 2021, compared to EGP 950.369m in the same quarter of the previous year, an increase of 32.1%.

The rate of the gross profit to revenue was about 49% in March 2021, compared to 44.3% in  March 2020.

The net profit before taxes from invested activities was about EGP 940.944m in March 2021. This compared to EGP 594.774m in March 2020, reflecting an increase of 58.2%.

The net profit after taxes was about EGP 537.565m in Q1 of 2021, compared to EGP 469.023m in the same quarter of 2020, an increase of 14.6%.

The bank’s total equity was about EGP 14.588bn in March 2021, compared to EGP 14.387bn in 2020.

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