Strong Start for Islamic Banks: Net Profits Jump to EGP 3.56 Bn in Q1-2023

Islamic banks (alBaraka bank, Abu Dhabi Islamic Bank, and Faisal Islamic Bank) have achieved a strong performance this year, with their net profits soaring by 79.62%. They recorded EGP 3.56 bn during the first quarter of 2023, compared to EGP 1.98 bn in the same period of 2022, representing an increase of EGP 1.58 bn.

Among the Islamic banks, ADIB Egypt experienced the fastest growth in the first quarter of this year, with its net profits increasing by 128.41%. reached EGP 968.25 mn during the first three months of 2023, compared to EGP 423.91 mn in the same period of 2022, marking an increase of EGP 544.35 mn.

Meanwhile, Faisal Islamic Bank achieved the highest profit during the first 3 months of the current year. Its net profits amounted to EGP 2.15 bn in the first quarter of 2023, compared to EGP 1.19 bn in the same period of 2022, achieving a growth rate of 80.57% and an increase of EGP 957.34 mn.

As for alBaraka Bank, its net profits jumped by 20.45%, reaching EGP 444.04 mn in the first quarter of 2023, compared to EGP 368.65 mn in the same period of 2022, representing an increase of EGP 75.4 mn.