Islamic Banks' Net Profits Jump to 65.87% in H1-2023
First Bank
Islamic banks (alBaraka bank- Egypt, Abu Dhabi Islamic Bank, and Faisal Islamic Bank) have achieved a strong performance this year, with their net profits soaring by 65.87%. They recorded EGP 5.81 bn during the first Half of 2023, compared to EGP 3.5 bn in the same period of 2022, representing an increase of EGP 2.30 bn.
Among the Islamic banks, ADIB Egypt experienced the fastest growth in the first Half of this year, with its net profits increasing by 114.72%. reached EGP 2.01 bn during the first 6 months of 2023, compared to EGP 972.21 mn in the same period of 2022, marking an increase of EGP 1.12 bn.
Meanwhile, Faisal Islamic Bank achieved a net profit amounted to EGP 2.70 bn in the first half of 2023, compared to EGP 1.75 bn in the same period of 2022, achieving a growth rate of 54.65% and an increase of EGP 954.82 mn.
As for alBaraka Bank-Egypt, its net profits jumped by 30.26%, reaching EGP 1.02 bn in the first Half of 2023, compared to EGP 783.11 mn in the same period of 2022, representing an increase of EGP 236.93 mn.
