Cairo – Mubasher: Faisal Islamic Bank of Egypt’s stock has topped the Egyptian Exchange’s (EGX) rising stocks on Thursday, in line with the announcement of its financial results for first Quarter of 2018.
By 12:20 pm Cairo time, the stock leapt 7.78% to EGP 19.4, with a turnover of EGP 4 million exchanged through 214,200 shares.
Meanwhile, the benchmark EGX30 index fell 1.55% to 17,666 points.
The standalone financial indicators of Faisal Islamic Bank of Egypt on Thursday 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.
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%.
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 the year before.
