Faisal Bank’s growth accelerates to 59% during Q1-2024

Faisal Islamic Bank achieved an acceleration in growth during the first quarter of the current year compared to the fourth quarter of the last year, recording a composite growth rate of 58.86% during Q1-2024, compared to a composite growth rate of 16.89% during Q4-2023.

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.

Faisal Islamic Bank managed to achieve positive results in all sub-indicators comprising the composite First Bank index during the first quarter of the current year, especially in net profits, registering a growth rate of 179.73% in its net profits during Q1-2024.

The bank's total asset contributed to this growth, with a growth rate of 22.73% during the First quarter of this year, while total deposit and customer loan portfolios increased by growth rates of 20.61% and 12.39%, respectively, during the period from January to March 2024.

As for Q4-2023, net profits were the most impactful factor in declining the composite First Bank index, as the bank's net profits declined by 73.20% during the period from October to December 2023.

The bank's total assets rose by 3.52% during the fourth quarter of the current year, while customer loans and deposit portfolio increased by growth rates of 1.99% and 0.14%, respectively, 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.