Cairo – Mubasher: Faisal Islamic Bank of Egypt on Wednesday reported a 55% year-on-year surge in consolidated profits for the first quarter of 2018, recording EGP 727.4 million from EGP 469.3 million.

Net income amounted to EGP 1.26 billion in Q1-18, versus EGP 1.21 billion in the year-ago period, the shariah-compliant lender said in a filing to the Egyptian Exchange (EGX) on Wednesday.

The standalone financial indicators of the bank had previously shown a 76.9% year-on-year surge in profits for Q1-18, recording a net profit of EGP 777.9 million from EGP 439.7 million.

Standalone revenues doubled to EGP 2.08 billion in Q1-18, compared to EGP 1.6 billion in the corresponding period a year earlier.