The net profit of the Faisal Islamic Bank of Egypt in the first half (H1) of 2019 amounted to EGP 1.376bn, up by EGP 36.624m from EGP 1.340bn in H1 of 2018, marking a growth of 2.7%.

The bank explained in a disclosure to the Egyptian Exchange (EGX) that this increase in the net profit of the bank during H1 of this year and is mainly due to the increase of savings by EGP 2.9bn, where it reflected positively on the bank’s employment of deposits, thus it increased its profits. This also had a positive impact on the application of the IFRS 9.

It pointed out that the bank has achieved revenues of EGP 4.575bn in H1 of 2019 against EGP 4.168bn in H1 of 2018, up by EGP 407.874m, rising by 9.8%.

The Faisal Islamic Bank of Egypt disclosed that it has managed 1.669m saving accounts for its customers until the end of June 2019.

The bank explained that the value of its current accounts and saving instruments has reached about EGP 81.982bn at the end of June 2019, up from EGP 73.579bn at the end of June 2018, up by 11.4%.

It added that the total employment and investment balance amounted to about EGP 89.788bn at the end of June 2019, against EGP 79.343bn at the end of June 2018, marking an increase of 13.1%.

The total assets of the Faisal Islamic Bank of Egypt rose to EGP 97.289bn by the end of June 2019, compared to EGP 85.902bn by the end of June 2018, growing by 13.3%.

The bank said its business volume had increased by 13.3% in one year to EGP 98.903bn at the end of June 2019, up from EGP 87.291bn at the end of June 2018.

The total equity of the bank was EGP 11.989bn at the end of June 2019, against EGP 9.823bn at the end of June 2018, increasing by 22.1%.

The bank’s paid up capital was settled by the end of June 2019 at EGP 1.775bn, unchanged from December 2018.

The bank’s extraordinary general assembly, held on Thursday, agreed to increase the authorised bank’s capital to $1bn, up from $500m, while the issued capital increased to about $440.12m, up from $66.83m.