Faisal Bank grows by 59% on FirstBank composite growth index during Q1-2024

The financial statements of Faisal Islamic Bank- Egypt, which ended on March 31 2024, revealed that the bank achieved a composite growth rate of 59% during the first quarter of the current year.

This growth rate was measured using a composite index developed by First Bank to assess the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio during Q1- 2024.

Faisal Bank managed to achieve positive results across all its sub-indicators constituting First Bank composite growth index, led by its net profits, which saw the most significant growth at a rate of 180%, reaching EGP 6.003bn during the first quarter of 2024, compared to EGP 2.146 during the same period of 2023 with an increase of approximately EGP3.857bn.

The size of total Assets was the second contributor to the growth of Faisal Bank, with a growth rate of 22.73%, an increase of approximately EGP 40.20 bn during the first 3 months of 2024, reaching EGP 217.2 bn by the end of March 2024, compared to EGP 177 bn by the end of December 2023.

In addition, Total customer deposits at the bank rose with a growth rate of 20.61% an increase of EGP 5.22bn during the first quarter of the current year, reaching EGP 157.3 bn by the end of March 2024, compared to EGP 130.5bn at the end of December 2023.

Total customer loans surged by 12.4% during the first 3 months of the current year, reaching EGP 18.04bn by the end of March 2024, compared to EGP 16.05 bn by the end of December 2023, with an increase of EGP 1.99bn.