Islamic Banks’ net profits jump by 143.47% in Q1-2024, Faisal Bank is the fastest growing Islamic bank

Islamic banks (alBaraka, Abu Dhabi Islamic Bank and Faisal Islamic Bank of Egypt) were able to achieve a strong performance during this year, with their net profits jumping by 143.47%, up to EGP 8.7 bn in the first quarter of 2024, compared to EGP 3.6 bn during the corresponding period of 2023, with an increase over EGP 5 bn.

The fastest growing Islamic bank in the first 3M of this year was Faisal Islamic Bank, as its net profit jumped by 179.8%, with an increase of EGP 3.9 bn, exceeding EGP 6 bn in the first quarter of 2024, compared to EGP 2.1 bn during the same period of 2023.

Abu Dhabi Islamic Bank's net profit rose from EGP 968.3 mn in the first quarter of 2023, to EGP 2.1 bn in the same period from 2024, with a growth of 117.33% and an increase of EGP 1.1 bn.

alBaraka Bank's net profit rose to EGP 555 mn in the first quarter of 2024, compared to EGP 444 mn during the same period of 2023, with a growth of 25% and an increase of EGP 111 mn.