Faisal Islamic Bank's business volume rises to $7.40bln by October-end

Assets increased to $7.16bln at the end of October

Islamic finance. Image used for illustrative purpose.

Islamic finance. Image used for illustrative purpose.

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Cairo –  Faisal Islamic Bank of Egypt registered a 14.2% year-on-year (YoY) growth in its business volume, recording EGP 115.83 billion at the end of last October, compared to EGP 101.45 billion, the bank’s financial indicators showed.

The Islamic lender’s assets increased to EGP 111.89 billion in October from EGP 98.79 billion in the same month in 2019, according to a bourse disclosure on Tuesday.

Additionally, the current accounts and savings schemes managed by Faisal Islamic Bank grew by 13.9% to EGP 95.17 billion.

During the first nine months of 2020, the bank logged standalone net profits of EGP 1.3 billion, down from EGP 2.05 billion in the prior-year period.

Source: Mubasher

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