FAB Egypt, Emirates NBD and ABK Egypt, Top the fastest growing Gulf banks in Egypt in terms of net profits At 2022

First Bank list of the fastest growing Gulf banks operating in the Egyptian banking sector in net profits, revealed that First Abu Dhabi Bank Egypt topped the list after  achieving a leap in its net profits at a rate of 129%, to record EGP4.5 bn in 2022, compared to EGP1.96 bn in 2021.

Based on financial performance of both First Abu Dhabi Bank and Bank Audi for the fiscal year 2021, compared to First Abu Dhabi Bank Egypt's performance in 2022.

The list included the following banks; First Abu Dhabi, Emirates NBD, ABK Egypt, Ahli United Bank, alBaraka Bank Egypt, ADCB Egypt, ADIB Egypt, QNB Al Ahli, NBK Egypt.

The list revealed that Gulf banks operating in the Egyptian banking sector achieved a compound growth rate of 58.19% over the past year, total value of net profits reached EGP 26.266 bn in 2022, compared to EGP16.604 bn in 2021, an increase of EGP9.662 bn.

Returning to the list, Emirates NBD Bank - Egypt grabbed the second place after achieving a growth in its net profits at a rate of 116.76%, to record EGP1.181 bn in 2022, compared to EGP545 mn in 2021.

Al-Ahli Bank of Kuwait-Egypt took the third place with a remarkable growth in its net profits during the past year, at a rate of 101.77%, to record EGP1.682 bn in 2022, compared to EGP833 mn during the previous year.

Ahli United Bank ranked fourth with a growth rate of 74.09% over the past year, recording net profits of EGP 2.007 bn during 2022, compared to EGP1.153 bn during 2021, followed by alBaraka Bank - Egypt with a growth rate of 54.99% during the same period.

Abu Dhabi Islamic Bank - Egypt ranked sixth, with a growth rate of 54.05% over the past year, recording a net profit of EGP 2.126 bn in 2022, compared to EGP 1.380 bn in 2021.

Abu Dhabi Commercial Bank - Egypt ranked seventh with a growth in its net profits at a rate of 49.98% during the past year, to record EGP1.065 bn in 2022, compared to EGP710 mn in 2021, followed by QNB Al Ahli and NBK Egypt with growth rates of 35.86% and 26.89%, respectively, during the same period.

It should be noted that all values ​​and growth rates mentioned above are according to separate financial statements announced for each bank at the end of December 2022.