Cairo – Mubasher: Faisal Islamic Bank of Egypt on Thursday reported a 38.83% year-on-year drop in consolidated profits for 2017.
Net profit totalled EGP 1.78 billion last year, against EGP 2.91 billion in profits a year earlier, the bank highlighted in a filing to the Egyptian Exchange (EGX).
Annual dividends and Murabaha earnings increased to EGP 6.49 billion, compared to EGP 5.4 billion in 2016.
Cost of saving schemes and expenses stood at EGP 3.6 billion during 2017, versus a cost of EGP 3.15 billion in 2016.
Standalone profits retreated 40% year-on-year to EGP 1.7 billion last year from EGP 2.8 billion.
Furthermore, standalone revenues fell to EGP 6.8 billion in 2017, compared to EGP 7.4 billion in revenues a year earlier.
Last February, Faisal Islamic Bank’s board of directors has proposed a cash dividend distribution of $0.08, or EGP 1.4 per share.
