Faisal Islamic Bank Egypt’s net profit up 66.8% during 2022

Faisal Islamic Bank of Egypt reported a 66.8% year-on-year (YoY) increase in its net profit after tax during 2022, according to the separated financial statementsfor period that ended on 31 December 2022.

The bank revealed that its net profits after tax rose by EGP 1.792 billion to record EGP 4.475 billion during 2022, compared to EGP 2.683 billion in the same comparable period of 2021.

The bank’s net profits before tax also increased by 40.2%, to record EGP 6.095 billion in 2022, compared to EGP 4.348 billion a year earlier with an increase of EGP 1.746 billion.

Moreover, the bank’s earnings increased by 35%, to record EGP 15.279 billion in 2022, compared to EGP 11.315 billion in 2021 with an increase of EGP 3.964 billion.

The basic earnings per share e (EPS) increased during 2022 at a growth rate of 70.5%, recording (7,001) in 2022, compared to (4,105) in 2021, and the bank attributed the increase such increase in EPS share to the leap it has witnessed in its in net profits.

Moreover, the bank’s total shareholders equity increased by a growth rate of 28.9%, to record EGP 21.962 billion at the end of December 2022, compared to EGP 17.043 billion at the end of 2021.

However, the reserves balances in the bank increased by a growth rate of 44% to reach EGP 5.341 billion at the end of December 2022, compared to EGP 3.710 billion at the end of 2021.