Cairo – Mubasher: Faisal Islamic Bank of Egypt on Monday reported a growth in business volume by 11.7% year-on-year at the end of May 2018, recording EGP 87.9 billion from EGP 78.7 billion.

The bank’s total assets grew by 11.8% to EGP 86.6 billion last May, versus EGP 77.5 billion in the year-ago period, the bank said in a filing to the Egyptian Exchange (EGX).

The Islamic lender’s current accounts and saving schemes increased by 11.8% or EGP 75.02 billion, while liquidated assets rose 26.9% to EGP 5.02 billion.

The standalone financial indicators of the lender had previously shown a 76.9% year-on-year surge in profits for the first quarter of 2018, recording EGP 777.9 million from EGP 439.7 million.

Faisal Islamic Bank had also reported a 38.83% year-on-year drop in consolidated profits for 2017, with EGP 1.78 billion in net profit, compared to EGP 2.91 billion a year earlier