Faisal Islamic Bank's business volume grows 14%

The bank's total assets increased 13.3%

ArabFinance:Faisal Islamic Bank of Egypt (FAIT) (FAITA) said its business volume reached EGP 115.84 billion in October 2020, according to the bank's statement filed to the Egyptian Exchange.

The div marked a 14% rise from the EGP 101.46 billion recorded in October 2019, the statement added

The bank's total assets increased 13.3% to record EGP 111.9 billion in October 2020, compared to EGP 98.79 billion in the same month a year earlier.

The current accounts and deposits rose to EGP 95.17 billion in October 2020, a 14% growth from EGP 83.55 billion in October 2019.

The bank posted a standalone net profit of EGP 1.323 billion in the January- September period of 2020, marking 36% annual decline.

Faisal Islamic Bank of Egypt has got the approval of the Central Bank of Egypt (CBE) to merge the shares of Faisal Investment Bank - Bahrain to Ithmaar Bank.

Faisal is a financial institution that offers banking and investment services in accordance to Islamic Sharia principles through its head office and 27 branches located across the country.

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