The Board of Directors of Faisal Islamic Bank of Egypt have approved the increase of the issued and paid-up capital by $73.4 million to reach $440.2 million, up from the current $366.8 million, reported local daily, Daily News Egypt.
The issued and paid-up capital will be increased through issuing free shares in US dollar, financed from retained earnings by 20 per cent of the issued as well as paid-up capital as one free share on every five original shares.
The bank posted a 13.7 per cent rise increase in net profit at the end of February 2019, registering a EGP 96 billion compared to EGP 84.4 billion in February 2018.
In a bourse filing, the lender posted a 13.4 per cent increase assets reaching EGP 94.3 billion at the end of February 2019 compared to EGP 83.1 billion in February 2018.
Source Islamic Business&Finance