Faisal Bank's net profit grows by 142.5%, recording EGP 6.6 bn during H1-2024

The separate unaudited financial statements of Faisal Islamic Bank of Egypt, which ended on June 30, 2024, revealed that the bank’s net profit after tax increased by EGP3.850bn, with a growth rate of 142.5%, to record EGP6.552 bn during the first Half of 2024, compared to EGP 2.702bn during the same period in 2023.

The bank attributed the significant increase in net profit primarily to higher employment and investment revenues, alongside positive valuation differences for assets and liabilities in foreign currencies due to the rise in foreign currency rates against the Egyptian pound.

Pre-taxes profit increased by a growth rate of 108.9%, to record EGP 6.957 bn during the first half of 2024, compared to EGP 3.627 bn during the same period of the previous year, an increase of EGP 3.627 bn.

Revenues increased by 68.1%, to record EGP 16.342 bn during the first half of 2024, compared to EGP 9.722 bn during the same period of 2023, an increase of EGP 6.619 bn.

The basic share of profits increased during the first half of this year, with a growth rate of 148.8%, recording EGP10.565, compared to EGP4.247 during H1- 2023.

The bank’s shareholders’ Equity increased by a growth rate of 32.5%, an increase value of EGP 8.085 bn, to record EGP32.952 bn at the end of June 2024, compared to EGP 24.867 bn at the end of 2023.

While the balance of reserves in the bank increased by a growth rate of 56.3% during the first half of this year, to reach EGP9.316bn at the end of June 2024, compared to EGP 9.173 bn at the end of December 2023, an increase of EGP2.233bn.