Islamic banks grow by 24.78% on First Bank index during Q1-2023

The separate financial statements of Islamic banks (Abu Dhabi Islamic Bank, Faisal bank and alBaraka bank), revealed that they recorded a growth rate of 24.78% 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 Q1-2023.

Islamic banks were able to achieve positive results in all 4 sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio), led by net profits, which accounted for the largest percentage of the growth of their activity during that period, achieving a growth rate of 79.62 %

Net profits of Islamic banks increased by EGP 3.56 bn during first quarter 2023, compared to EGP1.98 bn during the same period of 2022, with an increase of EGP1.58 bn.

The fastest growing Islamic bank in net profits during the past year was Abu Dhabi Islamic Bank, as its net profits jumped by 128.41%, to record EGP968.25 mn during the first quarter 2023, compared to EGP 423.91 bn during the same period of 2022, an increase of EGP 544.35 mn.

While Faisal Bank's net profits increased by 80.57%, to record EGP 2.15 bn during the first quarter 2023, compared to EGP 1.19bn during the same period of 2022, an increase of EGP 957.34 mn.

alBaraka Bank's net profits jumped to EGP444.04 mn during the first quarter of 2023, compared to EGP368.65 mn in 2021, achieving a growth rate of 20.45%, and an increase of EGP75.4 mn.

Total loan portfolio increased by 6.81%, to record EGP 117.07 bn by the end of of March 2023, compared to EGP 109.60 bn by the end of 2022, an increase of EGP 7.46 bn.

alBaraka Bank was the fastest growing Islamic bank in financing to customers during the first  quarter of this year, as its portfolio jumped by 7.31%, to reach EGP 38 bn at the end of March 2023, compared to EGP 35.04 bn at the end of 2022, an increase of EGP 2.586 bn.

While Abu Dhabi Islamic Bank was the largest in terms of growth value, as its financing to customers increased by EGP4.1 bn, to reach EGP 63.5 bn by the end of March 2023, compared to EGP 59.4 bn by the end of 2022, achieving a growth rate of 6.9%.

Faisal Islamic Bank financing increased by 5.15%, to reach EGP 15.29 bn at the end of  March 2023, compared to EGP14.55 bn by the end of 2022, an increase of EGP748.63 mn.

Asset portfolios increased to EGP383.69bn by March-2023end , compared to EGP 354.38 bn by the end of 2022, with a growth rate of 8.27%, and an increase of EGP 29.31 bn.

Faisal Bank was the fastest growing Islamic bank in asset portfolio during the first quarter 2023, as its assets jumped by 9.51%, to record EGP 166.06 bn at the end March 2023, compared to EGP 151.64 bn at the end of 2022, an increase of EGP 14.42 bn.

Abu Dhabi Islamic Bank's asset portfolio increased to EGP 124.3 bn by March-2023end, compared to EGP115.52 bn by the end of 2022, achieving a growth rate of 7.63%, and an increase of EGP 8.82 bn.

alBaraka Bank’s assets portfolio rose from EGP 87.2 bn at the end of 2022 to EGP 93.3 bn at the end of March 2023, achieving a growth rate of 6.97%, and an increase of EGP 6.08 bn.

Deposit portfolio of Islamic banks jumped by 4.42%, to reach EGP308.85 bn by the end of the first quarter of 2023, compared to EGP295.79 bn by the end of 2022, an increase of EGP 13.06bn.

Faisal Islamic Bank was the fastest growing and the largest in terms of value, as its portfolio of Savings pools and savings certificate jumped from EGP 123.63 bn by the end of 2022 to EGP 131.64 bn by the end of March 2023, with a growth rate of 6.49%, and an increase of EGP 8.02 bn.

Abu Dhabi Islamic Bank in deposits, jumped to EGP 101.6 bn by March-2023end, 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.

Deposit portfolio of alBaraka Bank increased by a growth rate of 1.40%, after the bank was able to increase its deposits by EGP 1.042 bn, to record EGP 75.462 bn at the end of March 2022, compared to EGP 74.420 bn at the end of December 2022.