FAB Egypt, Ahli United Bank, and Emirates NBD, fastest growing Gulf banks in Egypt in terms of net profits

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 572%, To Record EGP 4.79 Bn during Q1-2023, Compared To EGP 713 Mn during same period of 2022.

This makes First Abu Dhabi Bank Became the most profitable Gulf banks operating in the Egyptian banking sector for the first time in its history.

The strong performance comes after merging of First Abu Dhabi Bank with Bank Audi and renaming the institution under First Abu Dhabi Bank Egypt.

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 181% during the first quarter 2023, as Total Value Of Net Profits Reached EGP 15.2Bn In Q1-2023, Compared To EGP 5.4 bn during the same period of 2022, To acquire about 27.72% of the net profits of banks operating in the Egyptian banking market during the first quarter of 2023.

Returning to the list, Ahli United Bank - Egypt took the second place with a growth rate of 277.61%, recording EGP 1.575 bn during the first three months of 2023, compared to EGP 416.990 mn during the same period in 2022.

Emirates NBD-Egypt came in third place after its net profit jumped by 215.94%, to record EGP 964.654 mn during the first quarter of 2023, compared to EGP305.327 mn during the same period of 2022.

ADIB Egypt Ranked Fourth With A Growth Rate Of 128.41% to record EGP 968.250 mn during the first quarter of 2023, compared to EGP 423.905 mn during the same period of 2022.

QNB ALAhli Ranked Fifth, With A Growth Rate Of 119.67 % ,during the first quarter 2023, Recording A Net Profit Of EGP 4.481 Bn In Q1-2023, Compared To EGP 2.040 Bn during the same period of 2022, to becomes the second largest Gulf banks operating in the Egyptian banking market achieving net profits.

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 March 2023.