Faisal Islamic Bank's resource employment rate declined to %69.51 by the end of March, 2024

The separate financial statements of Faisal Islamic Bank of Egypt for the financial period ended March 31, 2024, revealed a decline in its resource employment rate to 69.51% by the end of Q1 of this year, compared to 72.31% by the end of 2023.

This indicator, launched by the Research Centre of First Bank, measures the employment rate of traditional resources (deposits + equity), in (loans + financial investments) of banks operating in the Egyptian banking sector.

The decline in the Bank's resource employment rate during the first quarter of 2024 reflects the Bank's applying a recessionary policy towards the employment of its resources during this period.

The Bank was able to employ EGP 131.4 bn  from its traditional resources, which recorded EGP 189.1 bn by the end of March 2024 in both loans and financial investments, with EGP 113.4 bn for financial investments, and EGP 18 bn for total customer loans.

While employing EGP 112.3 bn of its traditional resources, which recorded EGP 155.3 bn by the end of 2023 in both loans and financial investments, with EGP 96.3 bn for financial investments, and EGP 16.1 bn for total customer loans.

At the end of the first quarter of this year, the Bank's traditional resources distributed between EGP 157.3 bn for the value of the deposit portfolio, while the value of equity received 31.8 bn by the end of the same period.

The Bank's deposit employment rate for granting loans fell to 11.46% by the end of March 2024, compared to 12.30% by the end of 2023.

The deposit employment rate for financial investments also decreased to 72.08% by the end of the first quarter of this year, compared to 73.79% by the end of 2023.