Faisal Bank sees a slow-down, reaching 25.43% during Q1-2023

Faisal Islamic Bank of Egypt sees a slow-down on First bank composite growth index during Q1- 2023, recording a compound growth rate of 25.43%, compared to 33.76% 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 Q1-2023.

Despite the slowdown in the bank's growth during the first quarter 2023, The bank was able to achieve positive results in all 4 sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio) which formulated First Bank composite growth index, led by net profit, recorded a growth rate of 80.57% during Q1-2023.

It also achieved a growth in total loans and facilities to customers at a rate of 5.15% during Q1-2023, and an increase in both asset and deposit portfolios by 9.51% and 6.49%, respectively, at the same period.

The bank’s net profits also increased on First Bank composite growth index during Q4-2022 to achieve a growth rate of 118.11%.

The bank’s Total loan portfolio increased by 3.50% during Q4-2022, asset as well as deposit portfolios increased by 7.02% and 6.41%, respectively, at the same period. It should be noted that all figures and growth rates mentioned above, are according to separate financial statements published on the bank’s official website.