Islamic banks grow by 30.09% on First Bank index during 2022

The separate financial statements of Islamic banks (Abu Dhabi Islamic Bank, Faisal and alBaraka), revealed that they recorded a growth rate of 30.09% in all branches of activity. This rate was measured through a composite index developed by First Bank to measure the financial performance of banks with a single figure, during 2022.

Net profits of Islamic banks increased by about EGP 8.36 bn in 2022, compared to EGP5.2 bn in 2021, an increase of EGP3.16 bn.

The fastest growing Islamic bank in net profits during the past year was Faisal Islamic Bank, as its net profits jumped by 66.80%, to record EGP4.48 bn in 2022, compared to EGP2.68 bn in 2021, an increase of EGP1.79 bn.

While alBaraka Bank's net profits increased by 55%, to record EGP1.76 bn in 2022, compared to EGP 1.13 bn in 2021, an increase of EGP 622.65 mn.

Abu Dhabi Islamic Bank's net profits jumped to EGP2.13 bn in 2022, compared to EGP1.38 bn in 2021, achieving a growth rate of 54.05%, and an increase of EGP745.81 mn.

 Total loan portfolios increased by 27.80%, to record EGP 109.6 bn by the end of 2022, compared to EGP85.76 bn by the end of 2021, an increase of EGP23.84 bn.

alBaraka Bank was the fastest growing Islamic bank in financing to customers during the past year, as its portfolio jumped by about 46.15%, to reach EGP 35.38 bn at the end of 2022, compared to EGP24.21 bn at the end of 2021, an increase of EGP 11.17 bn.

While Abu Dhabi Islamic Bank was the largest in terms of growth value, as its financing to customers increased by EGP11.95 bn, to reach EGP59.68 bn by the end of 2022, compared to EGP47.73 bn by the end of 2021, achieving a growth rate of 25.04%, annually.

Faisal Islamic Bank financing increased by 5.20%, to reach EGP 14.55 bn by the end of 2022, compared to EGP13.83 bn by the end of 2021, an increase of EGP718.41 mn.

Asset portfolios increased to EGP354.38 bn by the end of 2022, compared to EGP 302.8 bn by the end of 2021, a growth rate of 17.03%, and an increase of EGP51.58 bn.

Abu Dhabi Islamic Bank was the fastest growing Islamic bank in asset portfolio during 2022, as its assets jumped by 29.14%, to record EGP115.52 bn at the end of last year, compared to EGP 89.45 bn at the end of 2021, an increase of EGP26.07 bn.

Faisal Islamic Bank's asset portfolio increased to EGP 151.64 bn by the end of 2022, compared to EGP130.98 bn by the end of 2021, achieving a growth rate of 15.77%, and an increase of EGP20.65 bn.

alBaraka Bank’s assets portfolio rose from EGP82.37 bn at the end of 2021 to EGP 87.22 bn at the end of 2022, achieving a growth rate of 5.90%, and an increase of EGP4.86 bn.

Deposit portfolios jumped by about 14.68%, to record EGP 295.79 bn at the end of 2022, compared to EGP 257.93 bn at the end of 2021, an increase of EGP 37.86 bn.

Abu Dhabi Islamic Bank was the fastest growing in deposits, as its portfolio jumped to EGP 97.74 bn by the end of 2022, compared to EGP 75.80 bn by the end of 2021, achieving a growth rate of 28.94%, and an increase of EGP 21.94 bn.

Savings pools and savings certificate at Faisal Islamic Bank increased from EGP 109.6 bn at the end of December 2021 to EGP123.6 bn at the end of December 2022, achieving a growth rate of 12.84%, and an increase of EGP 14.1 bn.

Deposit portfolio of alBaraka Bank increased by a growth rate of 2.55% over the past year, after the bank was able to increase its deposits by EGP1.851 bn, to record EGP 74.420 bn at the end of December 2022, compared to EGP 72.569 bn at the end of December 2021.