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Faisal Islamic Bank records 9% higher business volume in August 2020

Faisal Islamic Bank records 9% higher business volume in August 2020
The bank's assets reached around EGP 109.7bn

Cairo – Mubasher: Faisal Islamic Bank of Egypt's business volume grew by 9.3% year-on-year (YoY) to  EGP 112.75 billion by the end of August 2020, compared to around EGP 103.14 billion in the same period of 2019.

The bank's assets reached around EGP 109.7 billion by the end of August, up 13% from EGP 96.12 billion in the same month of 2019, according to the bank's disclosure to the Egyptian Exchange (EGX) on Tuesday.

Moreover, the current accounts and savings schemes managed by Faisal Islamic Bank increased by 13.6% YoY to EGP 93.083 billion in August 2020, while the bank's recruitment and investments jumped by 12.1% to EGP 100.31 billion.

The number of accounts managed by the bank recorded 1.77 million last month, 4.9% higher than 1.69 million in August 2019.

It is noteworthy to mention that during the first half (H1) of 2020, the bank generated EGP 826.55 million in consolidated net profits, down by 38.8% YoY from EGP 1.35 billion.