ABK-Egypt is fastest growing Gulf Bank operating in Egypt in terms of net profits at 9M-22

Al Ahli Bank of Kuwait – Egypt continues its sturdy performance, led Khaled Al-Salawy, its net profit jumps by 104.8% during the first 9 months of 2022, To record 1.26 billion pounds.

Thus, it has topped First Bank's list of fastest growing Gulf Banks in terms of net profits at the first 9 months of 2022.

However, ADCB Egypt occupied the second place on the list among other Gulf banks operating in the Egyptian banking sector, at a rate of 86.2% during the first 9 months of last year.

The list conducted by the First Bank included the following banks; ABK-Egypt, Abu Dhabi Commercial Bank , Emirates NBD, Ahli United Bank , Abu Dhabi Islamic Bank, QNB Al Ahli, Al-Baraka Bank Egypt.

The 7 banks were able to achieve a combined growth rate of 39.57%, to record their net profits of 13.963 billion pounds during the first 9 months of 2022, compared to 10.004 billion during the same period in 2021, an increase of 3.959 billion pounds.

The existence of ABK-Egypt on the top of the list proofs its exceptional successes since entering the Egyptian market in 2015, after its acquisition of Piraeus Bank Egypt as part of its regional expansion plan.

 ADCB Egypt occupied the second place after achieving a growth rate of 86.17% in its net profits, to record 705.2 million pounds during the first 9 months of last year, compared to 378.8 million during the same period in 2021, followed by Emirates NBD at a rate of 76.88% during the same period.

Ahli United Bank came in fourth place with a growth rate of 73.98%, recording a net profit of 1.391 billion pounds during the first 9 months of last year, compared to 799.6 million pounds during the same period in 2021, followed by Abu Dhabi Islamic Bank Egypt at a rate of 53.93% during the same period.

QNB Al Ahli Bank ranked sixth with a growth rate of 22.14%, recording net profits of EGP 6.955 billion during the first 9 months of 2022, compared to EGP 5.694 billion during the same period of 2021, while Al Baraka Bank came in seventh place with a growth rate of 21.67% during the same period.

It should be noted that all the values and growth rates mentioned in the above analysis are according to the separated financial statements announced for each bank at the end September of 2022.