Faisal Islamic Bank’s standalone profits rise 81% YoY in Q1: Egypt

Faisal Islamic Bank’s standalone net profits after tax surged 80.6% year on year (YoY) in the first quarter (Q1) of 2023 to EGP 2.15 billion, compared to EGP 1.19 billion, according to a financial indicators released on April 18th.

Revenues grew 48.9 % to EGP 5.58 billion in Q1 2023 from EGP 3.75 billion in the same quarter last year.

Faisal Islamic Bank of Egypt is a financial institution that offers banking and investment services per Islamic Sharia principles through its head office and 27 branches across the country.