ADIB takes steady steps to top Islamic banks in the deposit market

A recent report by First Bank revealed that the gap between Faisal Islamic Bank and Abu Dhabi Islamic Bank in the deposit market narrowed, reaching only EGP 1.7 bn by the end of June 2024, the lowest level of this gap ever

This progress is due to ADIB's ability to understand the needs of the Egyptian banking market in depth, and to create savings products with the requirements of various individuals and corporates. In addition, its advanced digital transformation strategy has contributed to attracting large segments of customers.

The monitoring showed that the gap between Faisal Islamic Bank and Abu Dhabi Islamic Bank has narrowed in the customer deposits market, as the gap has declined over the past five years from EGP 34.75 bn by the end of 2019, to EGP 34.1 bn by the end of 2020, and to EGP 33.8 bn by the end of 2021

The gap in the contraction continued, bringing the difference between the two banks to EGP 25.9 bn by the end of 2022, and then to EGP 3.3 bn by the end of 2023.

ADIB Customer Deposit Portfolio saw a strong performance during the first half of this year, jumping by 28.53%, reaching EGP 163.4 bn by the end of June 2024, compared to EGP 127.1 bn by the end of 2023, representing an increase of EGP 36.3 bn.

As for Faisal Islamic Bank's Customer Deposit Portfolio, which the Bank lists under the name of savings and certificates, rose at a lower pace than ADIB, rising by 26.57% during the first six months of this year, to register EGP 165.1 bn by the end of June 2024, compared to EGP 130.5 bn by the end of 2023, with an increase of EGP 34.7 bn.

Overall, Abu Dhabi Islamic Bank recorded a strong performance during the year, with the bank's net profits jumping by 115.19%, reaching EGP 4.5 bn in the first half of 2024, compared to EGP 2.1 bn in the same period from 2023, with an increase of EGP 2.4 bn.

Net interest income rose to EGP 7 bn in the first half of 2024, compared to EGP 3.8 bn in the same period from 2023, with a growth of 80.72%, and an increase above EGP 3 bn. Net fees and commissions  income  rose by 14.31%, to EGP 939.1 mn in the first half of 2024, compared to EGP 821.5 mn in the same period from 2023, with an increase of EGP 117.6 bn.

In terms of the bank's financial position, its portfolio rose from EGP 160.6 bn by the end of 2023, to EGP 208.9 bn by the end of the first half of 2024, with a growth of 30% and an increase of EGP 48.3 bn.

Total customer loans rose by 33.54% during the first half of this year, reaching EGP 90.8 bn by the end of June 2024, compared to 67.96 by the end of 2023

Issued and paid up capital rose by about 20%, reaching EGP 6 bn by the end of June 2024, compared to EGP 5 bn by the end of 2023