The Clap
Despite turbulent economic events in 2022, Faisal Islamic Bank reported strong earnings.
What
Profits reached EGP 4 billion, a 37% year-over-year growth, according to the bank’s governor.
So what
Faisal Islamic Bank was able to withstand an increase in required reserves, which reduces the amount of money that banks can lend (& therefore earn interest on), as well as pay higher interest on deposits due to the CBE raising interest rates.
Now what
The bank’s governor expects these strong earnings results to continue throughout 2023, especially if the economic situation improves.
