Faisal Bank's net profits grow by 51.4% during 9M-2023
First Bank
Faisal bank's unaudited financial statements, ending on September 30th, revealed a pre-tax net profit increase of EGP1.179 bn, with a growth rate of 51.4%, totaling EGP3.472 bn in the first 9 months of 2023, compared to EGP2.294 bn during the same period in 2022.
The bank attributed the significant increase in net profit primarily to higher employment and investment revenues, alongside positive valuation differences for assets and liabilities in foreign currencies due to the rise in foreign currency rates against the Egyptian pound.
Pre-tax Profit increased by 31.3%, amounting to an increase of EGP1.090 bn, reaching EGP4.573 bn in the first 9 months of 2023, compared to EGP3.483 bn during the same period of the previous year.
Revenues increased by 37.1% with a total increase of EGP3.807 bn, reaching EGP14.076 bn in the first 9 months of 2023, compared to EGP10.269 bn during the same period in 2022.
The basic earnings per share rose by 53.5% during the first 9 months of the current year, totaling EGP 5.418, compared to EGP3.530 during the same period in 2022. The bank attributed the observed growth in earnings per share to the increase in net profits.
On the bank's separate financial position, total equity increased by 9.4%, with an increase of about EGP2.062 bn during the first 9 months of the current year, reaching EGP24.024 bn by the end of September 2023, compared to EGP21.962 bn by the end of December 2022.
Meanwhile, the bank's reserve balance increased by 11.7%, with an increase of EGP626.5 mn during the first 9 months of the current year, reaching EGP 5.968 bn by the end of September 2023, compared to EGP5.341 bn by the end of December 2022.
Retained earnings increased by 37.7% during the first 9 months of the current year, totaling EGP 8.907 bn by the end of September 2023, compared to EGP6.469 bn by the end of December 2022, with an increase of EGP2.438 bn.
