Faisal Bank’s growth accelerates to 10% during Q3-2023

Faisal Islamic Bank achieved an acceleration in growth during the third quarter of 2023 compared to the second quarter of the same year, recording a composite growth rate of 10% during Q3- 2023, compared to a composite growth rate of 1.6% during Q2 of the current year.

This came according to the composite growth index that First Bank developed to measure the financial performance of banks with one number, which shows the compound growth of the bank in 4 indicators, namely net profit, assets, total customer loans, and deposits.

The bank managed to achieve positive results in 2 sub-indicators comprising the composite First Bank index during the Third quarter of the current year, especially in net profits, registering a growth rate of 41% in its net profits during the Third quarter of 2023.

Total assets and contributed to this growth, with a growth rate of 0.87% during the third quarter of the current year, while the total loans and deposit portfolios declined by 1.11% and 1.75% respectively during the period from July to September 2023.

As for the Q2 -2023, customer loans were the most impactful factor in the growth of the composite First Bank index, as the bank achieved a growth rate of 4.05% during the period from April to June 2023.

Total customer deposits at the bank increased with a rate of 4.74% during the Second quarter of 2023, the bank's Assets and loan portfolios increased by 2.06% and 0.72% respectively. While net profits fell by 0.5% during the same period

It is worth noting that all values used in calculating the growth rates mentioned in the analysis are based on the financial statements announced at the end of the periods, available on the bank's official website.