Islamic banks' net profits jump by 102% during H1-2024

Islamic banks (Al Baraka, Abu Dhabi Islamic Bank, Faisal Islamic Bank and Ahli United Bank) were able to grow strongly in net profits during the first half of this year. The four Islamic banks' combined net profits jumped by 102.1%, registering EGP 16.16 bn during the first half of 2024, compared to EGP EGP 7.9 bn during the same period from 2023, with an increase of over EGP 8 bn.

Faisal Islamic Bank tops the fastest growing Islamic banks in the first 6 months of this year, jumping its net profit by 142.49%, with an increase of EGP 3.85 bn, after registering EGP 6.55 bn in the first half of 2024, compared to EGP 2.70 bn during the corresponding period of 2023

Abu Dhabi Islamic Bank (ADIB) was second in terms of the growth of Islamic banks, rising its net profit by 115.13% and an increase of EGP 2.40 bn, moving from EGP 2.09 bn in the first half of last year to EGP 4.49 bn in the first half of 2024.

Al Baraka Bank's net profit rose by EGP 316 mn, with a growth rate of 31% during the first half of this year, to register EGP 1.34 bn in the first 6 months of 2024, compared to EGP 1.02 bn in the same period in 2023.

Ahli United Bank - Egypt joined the list of Islamic banks last May, after announcing the transfer of all its banking operations to conform to the principles of Islamic Shari 'a, after operating as a traditional bank, following the approval of the General Assembly of Kuwait Finance House to integrate with the parent group.

Its net profits rose by 72.86%, to EGP 3.78 bn in the first 6 months of 2024, compared to EGP 2.19 bn in the same period of 2023, with an increase of EGP 1.59 bn.