Cairo – Mubasher: Faisal Islamic Bank of Egypt on Thursday reported a 41.2% year-on-year hike in consolidated profits in 2018.

The shariah-compliant lender logged EGP 2.5 billion ($0.14 billion) in net profit last year, against EGP 1.77 billion ($0.10 billion) in 2017, according to the bank’s filing to the Egyptian Exchange (EGX).

The bank’s net income rose to EGP 3.92 billion in 2018, from EGP 3.18 billion in the prior year.

Faisal Islamic Bank posted EGP 2.519 billion in standalone profits last year, compared to EGP 1.722 billion in 2017.

Meanwhile, the EGX-listed bank’s revenues grew 20.8% year-on-year to EGP 8.258 billion in 2018, against EGP 6.836 billion.

By 11:07 am Cairo time, Faisal Islamic Bank’s stock fell 0.30% to EGP 16.81.