Cairo – Mubasher: Faisal Islamic Bank of Egypt announced that its shareholders had approved increasing the company’s authorised capital during an extraordinary general meeting (EGM).

The lender’s authorised capital will be raised to $1 billion from $500 million, according to a filing to the Egyptian Exchange (EGX) on Sunday.

During the first half of 2019, Faisal Islamic Bank of Egypt’s net profits grew to EGP 1.376 billion, compared to EGP 1.34 billion in the prior-year period, according to the bank’s standalone financial statements.

Year-on-year, revenues increased by 9.8% to EGP 4.575 billion in the six-month period ended 30 June from EGP 4.168 billion.