Islamic banks ADIB Egypt, Faisal Bank, and alBaraka Bank were able to increase their deposit portfolio by 4.42

Analysis

Islamic banks' Deposits Grow by 4.42%, record EGP 308.85 bn by March- 2023end

6/12/2023 9:51:00 AM

Islamic banks (ADIB Egypt, Faisal Bank, and alBaraka Bank) were able to increase their deposit portfolio by 4.42%, to record EGP 308.85 bn at the end of March 2023, compared to EGP 295.79 bn at the end of 2022, an increase of EGP13.06bn.

Faisal Bank was the fastest growing, as its portfolio from Savings pool and Savings certificates jumped to EGP 131.64 bn by the end of March 2023, compared to EGP 123.63 bn by the end of 2022, achieving a growth rate of 6.49%, and an increase of EGP 8.02 bn.

Abu Dhabi Islamic Bank was able to increase its deposits, to jumps EGP 101.6 bn by the end of March 2023, compared to EGP 97.6 bn by the end of 2022, achieving a growth rate of 4.1%, and an increase of EGP 4 bn.

In addition, Deposit portfolio of alBaraka Bank increased by a growth rate of 1.40%, on a quarterly basis, after the bank was able to increase its deposits by EGP 1.042 bn, to move from EGP 74.420 bn at the end of December 2022, to EGP75.462bn at the end of March 2023.