Cairo – Mubasher: The financial indicators of Faisal Islamic Bank of Egypt on Sunday showed a 40% year-on-year drop in its standalone profits for 2017 due to a decline in revenues.
Standalone profits amounted to EGP 1.7 billion in 2017, compared to EGP 2.8 billion in 2016, the bank highlighted in a statement to the Egyptian Exchange (EGX).
Meanwhile, standalone revenues retreated to EGP 6.8 billion last year from EGP 7.4 billion in 2016.
The financial indicators of Faisal Bank had previously shown a 28% year-on-year rise in standalone profits in the first nine months of 2017.
Profits stood at EGP 1.1 billion in the nine-month period ended September 2017, up from EGP 892.8 million in the corresponding period of 2016.