Cairo – Mubasher: The standalone financial indicators of Faisal Islamic Bank of Egypt showed a 76.9% year-on-year surge in profits for the first quarter of 2018 due to higher revenues.
The bank generated a net profit of EGP 777.9 million during the three-month period ended March 2018, versus EGP 439.7 million during Q1-17, the shariah-compliant lender said in a filing to the Egyptian Exchange (EGX) on Thursday.
Revenues doubled to EGP 2.08 billion in Q1-18, compared to EGP 1.6 billion in the corresponding period a year earlier.
The increase in Q1-18 profits was attributed to a growth in revenues, which was driven mainly by reinvesting in government debt instruments at an average yield of 10%, the bank highlighted in a separate statement.
Faisal Islamic Bank of Egypt had previously reported a net profit of EGP 1.7 billion for the full-year 2017, compared to EGP 2.8 billion in profits in the year before.
