Net profit of Islamic banks jumps 67% during the first 9M- 2023

Islamic banks (alBaraka, Abu Dhabi Islamic Bank and Faisal Islamic Bank) were able to achieve a strong performance during the current year, with their net profits jumping by 67%, exceeding EGP 8.5 bn during the first 9M of 2023, compared to EGP 5.1 bn during the same period in 2022, with an increase of EGP 3.4 bn.

The fastest growing Islamic bank in the first 9M of this year, Abu Dhabi Islamic Bank, jumped its net profit by 121.93%, reaching EGP 3.42 bn during the first 9M of 2023, compared to EGP 1.5 bn during the same period in 2022, with an increase of EGP 1.9 bn.

While Faisal Islamic Bank was the top in achieving net profits, rising to EGP 3.47 bn in the first 9M of 2023, compared to 2.29 bn during the same period in 2022, with a growth of 51.39% and an increase of EGP 1.179 bn.

alBaraka Bank's net profit jumped by 28.1%, registering EGP 1.6 bn during the first 9M of 2023, compared to EGP 1.3 bn during the same period in 2022, with an increase of EGP 352 mn.