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

 According to First Bank list of Gulf banks operating in the Egyptian banking sector with the fastest growth in net profits, FABMisr topped the list with a growth rate of 317%, where its net profits jumped to EGP6.6 bn during the first half of 2023, compared to EGP1.581 bn during the same period in 2022.

The list included the following banks: FABMisr, Emirates NBD, Ahli United Bank, ADIB Egypt, NBK Egypt, ABK Egypt, QNB Alahli, ADCB Egypt, and alBaraka bank. The list revealed that 9 Gulf banks operating in the Egyptian banking sector achieved record growth rates in their net profits, with a total increase of about 130.68%, reaching EGP26.127 bn during the first half of 2023, compared to EGP11.326 bn during the same period in 2022.

Returning to the list, Emirates NBD secured the second position with a growth rate of 267.5%, achieving net profits worth EGP 1.942 bn during the first half of 2023, compared to EGP528.5 mn during the same period in 2022.

Ahli United Bank – Egypt ranked third with a growth rate of 143.26%, recording net profits worth EGP2.185 bn during the first half of 2023, compared to EGP898.2 mn during the same period in 2022.

Abu Dhabi Islamic Bank – Egypt came in fourth, achieving a growth in net profits at a rate of 114.72%, registering EGP2.088 bn during the first half of 2023, compared to EGP972.2 mn during the same period in 2022.

National Bank of Kuwait– Egypt ranked fifth with a growth rate of 106.91%, recording net profits worth EGP 1.565 bn during the first half of 2023, compared to EGP 756.5 mn during the first half of 2022.

As for the sixth position, it was secured by Al Ahli Bank of Kuwait – Egypt, with a net profit growth rate of 91.6%, recording about EGP1.7 bn during the first half of 2023, compared to EGP 886.7 mn during the same period in 2022.

QNB Al Ahli ranked seventh with a growth rate of 86.09%, recording net profits worth EGP8.212 bn during the first half of 2023, compared to EGP 4.413 bn during the first half of 2022.

Abu Dhabi Commercial Bank – Egypt took the eighth position, achieving a net profit growth rate of 61.15%, recording EGP 816.8 mn during the first half of 2023, compared to EGP 506.9 mn during the first half of 2022, followed by alBaraka Bank with a growth rate of 30.26% during the same period.

It is worth mentioning that all the values and growth rates mentioned in the analysis above are based on separate financial statements announced by each bank for the financial period ending in June 2023.