Cairo – Mubasher: The standalone financial indicators of Faisal Islamic Bank of Egypt showed a 55% year-on-year (YoY) decline in its net profits during the first quarter of 2020.

The bank’s net profits dwindled to EGP 469 million in the January-March period of 2020, compared to EGP 1.04 billion in the year-ago period, according to a bourse statement on Thursday.

Meanwhile, revenues tumbled to EGP 2.147 billion in Q1-20 from EGP 2.6 billion in Q1-19.

The bank ascribed the drop in net profits to the reduction in key interest rates by the Central Bank of Egypt (CBE) which delivered a total 4.5% rate cut in 2019 and a 3% rate cut in Q1-20.

It is noteworthy to mention that in 2019, the bank logged net profits of EGP 2.71 billion, compared to EGP 2.51 billion a year earlier.