Faisal Islamic Bank grows by 19.4% on FirstBank composite growth index At 9M-2023

The separate financial statements of Faisal Islamic Bank-Egypt, ending on September 30th of the current year, revealed that the bank achieved a composite growth rate of 19.4% during the first 9 months of 2023.

This rate was measured by a composite index developed by First Bank to measure financial performance of banks with one number, at the level of all branches of activity that include net profits, deposit portfolio, loan portfolio, and asset portfolio, during the period from January to September 2023.

The bank was able to achieve positive results in its 4 sub-indicators that make up First Bank composite growth index, topped by the bank’s net profits, which formed the largest percentage in the growth of the bank’s activity, by 51.4%, to record EGP 3.472 bn during the first 9 months of 2023, compared to EGP 2.294 bn during the same period of 2022, with an increase of EGP 1.179 bn.

The bank’s total assets received the second contributor to this growth, as it increased by 12.74% during the first 9 months of the current year, to record EGP 180 bn at the end of September 2023, compared to EGP 151.6 bn at the end of December 2022, with an increase of EGP 19.3 bn.

Total customer Financing at the bank increased by a growth rate of 8.20%, with an increase of EGP 1.2 bn during the first 9 months of the current year, reaching EGP 15.7 bn by the end of September 2023, compared to EGP 14.5 bn by the end of December 2022.

In addition, customer deposit portfolio at the bank rose by 5.4%, with an increase of EGP 6.6 bn during the first 9 months of the current year, reaching EGP 130.3 bn by the end of September 2023, compared to EGP 123.6 bn by the end of December 2022.