Islamic Banks achieve EGP 10.8 bn in net profits during 2023

Separate financial lists of Islamic banks (alBaraka, Abu Dhabi Islamic Bank and Faisal Islamic Bank) showed that they achieved a net profit of EGP 10.8 bn in 2023, compared to EGP 8.4 bn in 2022, with a growth of about 28.9%, and an increase of EGP 2.4 bn.

Abu Dhabi Islamic Bank – Egypt was the fastest growing Islamic bank, and the highest achieving of net profits for the first time since entering the Egyptian banking market as its net profits jumped by 111.3% over the past year, to register EGP 4.5 bn in 2023, compared to EGP 2.1 bn in 2022, with an increase of about EGP 2.4 bn.

Al Baraka Bank's net profits jumped from EGP 1.8 bn in 2022 to EGP 2.2 bn in 2023, with growth of 26.7% and an increase of EGP 469 million.

Faisal Islamic Bank's net profits fell by 9.1% last year, reaching EGP 4.1 bn in 2023, compared to EGP 4.5 bn in 2022.