Faisal Bank's net profit jumps by 80.6%, records EGP 2.15 bn during Q1-2023

The separate unaudited financial statements of Faisal Islamic Bank of Egypt, which ended on March 31, 2023, revealed that the bank’s net profit after tax increased by EGP957.3 mn, with a growth rate of 80.6%, to record EGP2.146 bn during the first quarter of 2023, compared to EGP 1.188 bn during the same period in 2022.

Pre-taxes profit increased by a growth rate of 51.4%, to record EGP 2.351 bn during the first quarter of 2023, compared to EGP 1.552 bn during the same period of the previous year, an increase of EGP 798.3 mn.

Revenues increased by 48.9%, to record EGP 5.580 bn during the first quarter of 2023, compared to EGP 3.748 bn during the same period of 2022, an increase of EGP 1.832 bn.

The basic share of profits increased during the first quarter of this year, at a growth rate of 83.1%, recording EGP3,432, compared to EGP1,874 during the same period in 2022, due to the increase in net profits.

At the level of the bank’s separate financial statement, total shareholders’ Equity increased by a growth rate of 7.3%, an increase value of EGP 1.612 bn, to record EGP23.574 bn at the end of March 2023, compared to EGP 21.962 bn at the end of 2022.

While the balance of reserves in the bank increased by a growth rate of 28.2% during the first quarter of this year, to reach EGP6.846 bn at the end of March 2023, compared to EGP 5.341 bn at the end of December 2022, an increase of EGP1.505 bn.

Retained earnings increased by 37.3% during the first quarter of this year, to record EGP 8.905 bn at the end of March 2023, compared to EGP 6.469 bn at the end of 2022, an increase of EGP 2.436 bn.