Faisal Bank's growth accelerates by 29.23% during Q4-22

Faisal Islamic Bank’s growth accelerates during the Q4 of 2022 recording a compound growth rate of 29.23%, compared to decline a compound growth rate of 0.16% during Q3-2022

Faisal Islamic Bank recorded a composite growth rate of in all its activities that included net profits, deposit portfolio, loan portfolio, and asset portfolio during Q4-2022

This rate was measured through a composite growth index developed by First Bank to measure the financial performance of banks with a single figure during Q4-2022.

Faisal Islamic Bank was able to achieve positive results in all four sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio) which formulated First Bank composite growth index, led by net profit that has seen a record growth rate of  118.11% during Q4-2022.

It also achieved a growth in total loans and facilities to customers at a rate of 3.50% during Q4-2022 and an increase in both assets and deposits portfolios by 7.02% and 6.41% respectively.

The bank’s total customer loans has also seen an increase in First Bank composite growth index during Q3-22 it achieved a growth of 1.44%

Thus, The bank’s net profits have decreased by 18.13% during Q3-22. While The assets as well as deposits portfolios increased by 2.45% and 0.59%, respectively.

It should be noted that all the figures used in calculating the growth rates included in the analysis are according to separate financial statements which are published on the official website of the bank.