ADIB-Egypt joins Top 10 Banks in Egypt for the First Time

Egypt's banking sector is undergoing fundamental changes driven by domestic and global economic transformations, as well as the expansion of banks in providing innovative financial solutions that meet the needs of renewable markets. 

These changes no longer only reflect the dynamism of the sector, but also become an indicator of banks' ability to adapt to growing challenges and invest opportunities to strengthen their position in a rapidly changing and highly competitive financial environment.

In this context, First Bank accompanies you on an analytical journey to monitor the most notable developments in the Egyptian banking sector, highlighting the outstanding successes achieved by some banks in strengthening their positions and expanding their impact, as we discuss the shifts that have led to the decline of market shares for others, in a competitive landscape that reshapes the balance of power among key players.

Launching today with Abu Dhabi Islamic Bank (ADIB) - Egypt, which was able to enter the top 10 in the asset market for the first time in its history after outperforming Faisal Islamic Bank, which was ranked 10th until the end of June, by a slight margin, becoming the only Islamic bank on the list.

The market share of Abu Dhabi Al Islamic Bank was 1.12% of total banking assets by the end of September 2024, while Faisal Islamic Bank recorded 1.07% by the end of the same period.

This performance reflects the Bank's ability to achieve remarkable progress through effective growth strategies focused on enhancing the volume of assets and expanding banking services to clients.

The bank's net profit rose by 91.5%, reaching 6.81 billion pounds in the first 9 months of 2024, compared to 3.55 billion pounds in the same period from 2023, with an increase of 3.3 billion pounds.

The bank's pre-tax profits jumped to 9.28 billion pounds in the first 9 months of 2024, compared to 4.95 billion pounds in the same period from 2023, a growth of 87.5% and an increase of 4.33 billion pounds.

The share in the bank's profits during the period from early January to the end of September jumped to 10.86 pounds per share, compared to 6.78 pounds per share during the same period from 2023, a growth of 60.18% and an increase of 4.08 pounds per share.