Faisal Islamic Bank’s standalone profits surge 179% YoY in Q1

Faisal Islamic Bank’s standalone net profits after tax climbed 179% year on year (YoY) in the first quarter (Q1) of 2024 to EGP 6.002 billion, compared to EGP 2.15 billion, according to the bank's financial indicators released on April 16th.

Revenues grew 82.4% to EGP 10.175 billion in Q1 2024 from EGP 5.580 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.