FABMisr, Emirates NBD, and ADIB Egypt, Fastest-growing Gulf banks 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 206%, Where Its Net Profits Jumped To EGP 8.200 Bn During The First 9M -2023, Compared To EGP 2.680 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 Al Ahli, 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 104.5%, Reaching EGP36.66Bn During The First 9 months 2023, Compared To EGP 17.93 Bn During The Same Period In 2022.

While ABC Bank was excluded from the classification due to the lack of base period data on ABC and Blom's profits prior to the merger.

Returning To The List, Emirates NBD Secured The Second Position With A Growth Rate Of 200%, Achieving Net Profits Worth EGP 2.546 Bn During The First 9M- 2023, Compared To EGP 852.6 Mn During The Same Period In 2022.

Abu Dhabi Islamic Bank – Egypt Ranked Third With A Growth Rate Of 122%, Recording Net Profits Worth EGP 3.422  Bn During The First 9 months of 2023, Compared To EGP 1.542 bn During The Same Period In 2022, followed by NBK-Egypt With A Growth Rate Of 100%, During The Same Period.

Ahli United Bank – Egypt Came In Fifth, Achieving A Growth In Net Profits At A Rate Of 99%, Registering EGP 2.765 Bn During The First 9M- 2023, Compared To EGP 1.391 bn During The Same Period In 2022.

ADCB– Egypt Come In Sixth Place With A Growth Rate Of 85.4%, Recording Net Profits Worth EGP 1.307 Bn During The First 9M- 2023, Compared To EGP 705.2 Mn During The First Half Of 2022.

As For The Seventh Position, It Was Secured By Al Ahli Bank Of Kuwait – Egypt, With A Net Profit Growth Rate Of 84%, Recording EGP2.319Bn During The 9 months Of 2023, Compared To EGP 1.262 Mn During The Same Period In 2022, Followed by QNB Al Ahli With A Growth Rate Of 71.4%,

alBaraka Bank – Egypt Took The Ninth Position, Achieving A Net Profit Growth Rate Of 28.1%, Recording EGP 1.607 bn During The First 9M- 2023, Compared To EGP 1.255 Bn During The Same period of 2022.

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 September 2023.