Faisal Islamic Bank's business volume grows 13% in May

Cairo –  Faisal Islamic Bank of Egypt saw its business volume rising by 12.9% year-on-year (YoY) to EGP 110.46 billion at the end of May from EGP 97.823 billion, the bank’s financial indicators showed.

The Islamic lender’s assets increased to EGP 105.314 billion at the end of last May, up by 12.2% from EGP 93.839 billion in the same month a year earlier, according to a statement to the Egyptian Exchange (EGX) on Thursday.

Moreover, the current accounts and savings schemes managed by Faisal Islamic Bank grew by 12.5% to EGP 89.465 billion.

The number of current accounts and saving schemes ran by the bank recorded 1.754 million, a rise of 5.6% YoY from 1.661 million in May 2019.

It is noteworthy to mention that in 2019, the bank achieved net profits of EGP 2.78 billion, up from EGP 2.56 billion in 2018, including minority shareholders’ rights.