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Faisal Islamic Bank intends to increase its capital by $73.36m Bank's business increased to EGP 95.98bn end-February, against EGP 84.43bn in February 2018
The ordinary general meeting of the Faisal Islamic Bank of Egypt approved the increase of the issued and paid-up capital by $73.36m to reach $440.19m, up from the current $366.83m. According to a statement sent by the bank to the Egyptian Exchange, the issued and paid-up capital will be increased through issuing free shares in US dollar, financed from retained earnings by 20% of the issued and paid-up capital as one free share on every five original shares. The bank's board of directors called on shareholders to hold an extraordinary general assembly on Thursday 27 June to determine this matter. If the required quorum was not achieved, it will be postponed to Thursday 18 July. In another context, the bank revealed a rise in the value of its business by 13.7% at the end of February 2019, to register EGP 95.98bn, against EGP 84.43bn in February 2018. The bank explained that its total assets reached EGP 94.31bn at the end of February 2019, compared to EGP 83.18bn in February 2018, up by 13.4%. Furthermore, the bank's equity has grown by 21.5% to EGP 10.27bn, up from EGP 8.45bn. According to the bank, the value of current accounts and savings vessels scored EGP 79.52bn at the end of February 2019, against EGP 71.64bn in 2018, while the total investment balances reached EGP 87.22bn, up from EGP 77.31bn during the same time frame.
