Islamic banks' Deposits Grow by 8.80% During H1- 2023
First Bank
Islamic banks (ADIB Egypt, Faisal Bank, and alBaraka Bank Egypt) were able to increase their deposit portfolio by 8.80%, to record EGP 321.82 bn at the end of June 2023, compared to EGP 295.79 bn at the end of 2022, an increase of EGP 26.03 bn.
Abu Dhabi Islamic Bank was the fastest growing during 6 Months of current Year, as able to increase its deposits, to record EGP 110.63 bn by the end of June 2023, compared to EGP 97.7 bn by the end of 2022, achieving a growth rate of 13.19%, and an increase of EGP 12.89 bn.
Faisal Islamic Bank was the largest in terms of size of deposit portfolio, as its portfolio from Savings pool and Savings certificates jumped to EGP 132.59 bn by the end of June 2023, compared to EGP 123.63 bn by the end of 2022, achieving a growth rate of 7.25%, and an increase of EGP 8.96 bn.
In addition, Deposit portfolio of alBaraka Bank-Egypt increased by a growth rate of 5.63%, after the bank was able to increase its deposits by EGP 4.19 bn, recording EGP 78.61 bn By June- 2023End, compared to EGP 74.42 bn at the end of December 2022.
