How Faisal Bank distributed its customer deposit portfolio among different currencies

The separate financial statements of Faisal Islamic Bank, ending on June 30th of the Current year, revealed an increase in savings accounts and certificates of deposit by EGP8.96 bn, growing at a rate of 7.25% during the first half of the current year. Total portfolio reached EGP132.59 bn by the end of June 2023, compared to EGP123.63 bn at the end of the previous year.

First Bank highlights the growth achieved by Faisal Islamic Bank's savings accounts portfolio in various currencies by the end of June 2023.

Customer deposits in EGP at Faisal Islamic Bank decreased by about 4.50%, reaching EGP75.08 bn by the end of June 2023, compared to EGP 78.62 bn at the end of December 2022.

Despite the decline in local currency deposits during the first half of this year, they still accounted for the largest share of the bank's total customer deposits, with a relative weight of approximately 56.63% by the end of the first half of 2023.

As for customer deposits in foreign currencies, they increased to the equivalent of EGP 57.02 bn by the end of June 2023, compared to the equivalent of EGP45.00 bn at the end of 2022, achieving a growth rate of 27.77% and an increase of about EGP12.50 bn.

Faisal Islamic Bank's deposits in foreign currencies constituted about 43.37% of the total savings accounts and certificates of deposit in the bank by the end of the first 6 months of 2023.

The bank's largest foreign currency deposits were in US dollars, representing 39.86% of the total foreign currency deposits. Their value increased to the equivalent of EGP 52.85 bn by the end of the first half of 2023, compared to the equivalent of EGP41.42 bn at the end of 2022, with an increase of about EGP 11.43 bn and a growth rate of 27.59% on a semi-annual basis.

Customer deposits in Euro experienced the fastest growth during the first half of the current year, increasing by about 31.20% to reach the equivalent of EGP1.80 bn by the end of June 2023, compared to the equivalent of EGP1.37 bn at the end of 2022, with an increase of about EGP 482 mn.

Despite the growth during the first half of 2023, euro deposits still constitute a small percentage of the bank's total customer deposits, about 1%.

As for customer deposits in pound sterlling, they increased to the equivalent of EGP 263.94 mn by the end of the first half of 2023, compared to the equivalent of EGP208.431 mn at the end of 2022, growing at a rate of 26.63% and an increase of about EGP55.50 mn.

Regarding customer deposits in other currencies, they jumped by about 29.26% to reach the equivalent of EGP2.59 bn by the end of June 2023, compared to the equivalent of EGP2.003 bn at the end of December 2022, with an increase of about EGP586 mn.

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