Cairo - Mubasher: The board of directors of Faisal Islamic Bank approved the estimated budget for 2016.

The Islamic lender aims to expand it business volume by 9.2% or EGP 5.2 billion in 2016.

The lender expects an increase of 8.8% that is equivalent to EGP 4.4 billion in the balance of the saving deposits.

The growth of the saving deposits may result in distributable profits of EGP 720 million.

Earlier, the lender released its unaudited unconsolidated financial statements for the nine-month period ended 30 September 2015, which reflected net profits of EGP 646.91 million, up from EGP 516.41 million for the same period of 2014.