Faisal Islamic Bank grows 13.04% on First Bank’s composite growth index during 9M-22

Faisal Islamic Bank recorded a composite growth rate of 13.04 % in all its activities that included net profits, deposit portfolio, loan portfolio, and asset portfolio during the first 9 months of 2022 according to its separate financial statement

This rate was measured through a composite index developed by First Bank to measure the financial performance of banks with a single figure during 9M-22.

The bank was able to achieve positive results in all four sub-indicators which formulated First Bank composite index, led by net profits.

The bank’s net profit has increased by 36.33% which is considered the largest in its activities growth in 9M generating net profit EGP 2.2 billion, compared to EGP 1.6 billion during a year-ago period.

The bank’s total assets portfolio is considered the second contributor to the composite growth index which has also seen a growth rate of 8.17% recording EGP 141.6 billion at the end of September 2022, compared to EGP130.9 billion at the end of 2021 with an increase of EGP 10.7 billion.

However, the bank's total customer deposits increased by 6.04 % reaching EGP 109.5 million at the end of September 2022, compared to EGP 116.1 billion at the end of 2021 with an increase of EGP 6.6 billion.

In addition, Faisal Islamic Bank murabaha portfolio increased by 1.63%, to record EGP14.053 billion at the end of Q3-22, compared to EGP13.827 billion at the end of 2021 achieving an increase of EGP226 million.