Faisal Bank may soon leave the top, ADIB-Egypt is steps away to top Islamic banks in deposit market

Abu Dhabi Islamic Bank - Egypt has succeeded in making rapid and strong increases in its customer deposits portfolio in recent years, specifically the last 5 years, thanks to its excellence in studying the needs of the Egyptian banking market well, offering products and saving deposits that meet the needs of its customers from individuals and corporates, as well as its growing interest in digital transformation that attracted different segments of young people to it.

Its efforts increased its customer base to include different and new segments, and made it closer to the top of the Islamic banks in the deposit market significantly, as revealed by a new monitoring conducted by First Bank on the most significant changes in the banking market.

The monitoring revealed that the gap between Faisal Islamic Bank of Egypt and ADIB-Egypt has narrowed in the customer deposits market, as the gap has declined over the past five years from 34.75 bn pounds by the end of 2019, to 34.1 bn pounds by the end of 2020, and then to 33.8 bn pounds by the end of 2021.

The gap continued to diminish, bringing the difference between the two banks to 25.9 bn pounds by the end of 2022, diminishing to 3.3 bn pounds by the end of 2023, recording the lowest level since Abu Dhabi Islamic Bank entered the Egyptian banking market.

This strongly enhances the probability of ADIB-Egypt taking the top position of Islamic banks instead of Faisal Islamic Bank this year in case of the bank's rapid growth continue.

ADIB-Egypt recorded strong growth in its customer deposits portfolio over the past year, rising by about 30.1%, to reach 127.1 bn pounds by the end of 2023, compared to 97.7 bn pounds by the end of 2022, with an increase of 29.4 bn pounds, recording the fastest growth and highest annual increase in 5 years.

In contrast, Faisal Islamic Bank recorded weak growth in its deposit portfolio, rising by about 5.5% over the past year, reaching 130.5 bn pounds by the end of 2023, compared to 123.6 bn pounds by the end of 2022, with an increase of 6.8 bn pounds, recording the lowest growth rate and the lowest annual increase of the last 5 years.

Overall, ADIB-Egypt recorded a strong performance over the past year, with net profits rising by 111.3%, to 4.5 bn pounds in 2023, compared to 2.1 bn pounds in 2022, with an increase of 2.4 bn pounds.

Net interest income jumped to EGP 8.8 bn in 2023, compared to EGP 4.7 bn in 2022, with growth of 85.7% and an increase of EGP 4.1 billion.

Net fees and commissions income rose by 49%, to 1.5 bn pounds in 2023, compared to 1 bn pounds in 2022.

In terms of the bank's financial position, its portfolio rose from 115.5 bn pounds by the end of 2022, to 160.6 bn pounds by the end of 2023, with a growth of 39.1% and an increase of 45 bn pounds.

The Bank’s total customer loans jumped to 68 bn pounds by the end of 2023, compared to 59.7 bn pounds by the end of 2022, with growth of 13.9% and an increase of 8.3 bn pounds.

It should be noted that the figures in the analysis according to the separate financial statements of both Abu Dhabi Islamic Bank and Faisal Islamic Bank.