Faisal Bank grows by 5.81% on First Bank composite growth index during 2023

The Separate financial statements of Faisal Islamic Bank, which ended on December 31st of the last year, revealed that the bank achieved a composite growth rate of 5.81% during 2023.

This rate was measured through a composite index developed by First Bank to measure the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, all during the period from January to December 2023.

Faisal Bank witnessed weak growth in three of the sub-indicators constituting the First Bank composite growth index, and a decline in the last index.

Total customer deposits increased with a growth rate of 5.53% and an increase of approximately EGP 6.8 bn during 2023, to record EGP 130.5 bn by the end of December 2023, compared to EGP 123.6 bn at the end of December 2022.

The size of Asset portfolio, increased by 16.7% during the last year, reaching EGP 176.96 bn by the end of December 2023, compared to EGP 151.6 bn at the end of December 2022, with an increase of EGP 25.3 bn.

Total financing at the bank rose by 10.3% by 2023 End, reaching EGP 16.1 bn by the end of December 2023, compared to EGP 14.5 bn at the end of December 2022, an increase of EGP 1.5 bn.

In terms of the bank's net profit Faisal Bank witnessed an decrease by 9%, to record EGP 4.1 bn during 2023, compared to EGP 4.5 bn During 2022.