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14.8% growth in Faisal Islamic Bank of Egypt’s assets during 2019 - Daily News Egypt

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14.8% growth in Faisal Islamic Bank of Egypt’s assets during 2019

Bank manages 1.701m accounts for its clients worth EGP 82.896bn


The total assets of the Faisal Islamic Bank of Egypt reached EGP 98.776bn at the end of September 2019, compared to EGP 86.059bn at the end of September 2018, a growth of 14.8%.

The bank said in a statement to the Egyptian Exchange that it’s business volume jumped to EGP 100.896bn by the end of September 2019, compared to EGP 87.587bn in September 2018, a growth rate of 15.2%.

It pointed out that its current account balances and saving vessels reached about EGP 82.896bn in September 2019, compared to about EGP 73.516bn at the end of September 2018, a growth rate of 12.8%.

These balances are distributed on 1.701m client accounts managed by the bank.

In regards to the investment balances, the bank revealed that its total investment balances reached EGP 90.963bn at the end of September 2019, marking 14.4% increase, from EGP 79.544bn at the end of September 2018.

Furthermore, the bank’s net profits witnessed 4.7% growth, to record EGP 2.06bn in the first nine months of 2019, compared to EGP 1.967bn in the first nine months of 2018.

The bank attributed the increase in net profits to the increase in the size of its savings vessels by about EGP 3.8bn during the first nine months of 2019, which positively impacted the increase in investments, and consequently the increase in net profits, in addition to the positive impact of the application of the new international accounting standard, IFRS 9.

In gross revenue terms, the bank’s total revenues recorded EGP 6.973bn at the end of September 2019, compared to EGP 6.262bn at the end of September 2018, an increase of EGP 710.9m, and a growth rate of 11.4%.

Faisal Islamic Bank of Egypt’s equity grew 25.5% at the end of September 2019 to EGP 12.773bn, compared to EGP 10.180bn at the end of September 2018.

Moreover, the total paid-up capital reached EGP 3.046bn at the end of September 2019, compared to EGP 1.775bn at the end of December 2018, a growth of 71.6%.

In July 2019, the extraordinary general assembly of the bank agreed to double the authorized capital of the bank from $500m to $1bn.

The bank said its total reserves reached EGP 3.702bn by the end of September 2019, compared to EGP3.810bn, a decrease of EGP107.874m.

Profits held by the bank reached EGP 3.965bn at the end of September 2019, compared to EGP 3.639bn at the end of December 2018, an increase of EGP 325.134bn, with a growth rate of 8.9%.

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https://wwww.dailynewssegypt.com/2019/10/22/14-8-growth-in-faisal-islamic-bank-of-egypts-assets-during-2019/
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