SC Bank, FABMISR, and Faisal Islamic Bank top the fastest growing banks on First Bank composite Growth Index during 2024

First Bank composite Growth Index for the fastest growing banks during 2024 revealed that Suez Canal Bank topped the list with a combined growth rate of 105.01%, driven by net profit growth that jumped by 147.73%, while the total portfolios of customer loans, deposits and assets increased with growth rates of 113.31% and 83.95%.and 75.05%, respectively.

First Bank composite growth index in the classification of banks operating in the Egyptian banking sector is based on a composite growth rate, which reflects the total growth rates that make up the index.

This Index includes 4 sub-indices that express the speed of growth, which are: net profits, assets, total customer loan portfolio, and customer deposits, during the year 2024.

The list included 24 banks operating in the Egyptian banking sector for which the necessary financial data was available, and its results revealed that all the banks under analysis were able to achieve positive growth rates during 2024.

Returning to the list, First Abu Dhabi Bank – Egypt «FABMISR» seized second place with a combined growth rate of 71.22%, driven by net profit growth, which jumped at a rate of 152.76%, while total customer loan portfolios, assets and deposits increased with growth rates of 63.11%, 39.71% and 29.29%, respectively.During 2024.

Faisal Islamic Bank of Egypt ranked third with a combined growth rate of 69.05%, and this was contributed to by the growth of its net profits at a rate of 189.37%, in addition to the growth of the total portfolios of assets, deposits and customer loans at rates of 35.75%, 35.72%, and 15.35%, respectively, during 2024.

Al Ahli Bank of Kuwait Egypt «ABK–Egypt» won fourth place with a combined growth rate of 68.36% over the past year, driven mainly by the growth of its net profits at a rate of 137.02%, in addition to the growth of its total customer loan portfolios, assets and deposits at rates of 46.99%, 45.07% and 44.33%.respectively during the same year.

Arab African International Bank – Egypt came in fifth place with a combined growth rate of 66.78%, driven mainly by the growth of its net profits at a rate of 94%, in addition to the growth of its total portfolios of assets, deposits and customer loans with growth rates of 71.42%, 70.78% and 30.91%, respectively, during 2024.

Abu Dhabi Islamic Bank – Egypt «ADIB» took sixth place after achieving a combined growth rate of 66.36% during 2024, mainly due to the growth of its net profits at a rate of 96.57%, in addition to the growth of the total portfolios of assets, deposits and customer loans at rates of 61.12%, 57.54%, and 50.18%, respectively, during the same period.

Commercial International Bank «CIB» snatched seventh place with a combined growth rate of 57.05%, driven mainly by the growth of its net profits at a rate of 92.67%, as well as the growth of its total portfolios of customer loans and facilities, assets and deposits with growth rates of 46.95%, 45.26%, and 43.33%, respectively.During 2024.

Abu Dhabi Commercial Bank – Egypt «ADCB» came eighth with a combined growth rate of 56.34%, after it was able to achieve growth in its net profits at a rate of 108.66% during 2024, in addition to an increase in the total portfolios of customer loans, assets and deposits with growth rates of 45.43%, 36.81% and 34.48%.respectively during the same period.

National Bank of Kuwait – Egypt came in ninth place after achieving a combined growth rate of 54.61% during 2024, mainly due to the growth of its net profits at a rate of 80.80%, in addition to the growth of the total portfolios of deposits, assets and customer loans at rates of 50.81%, 49.80%, and 37.02%, respectively, during the same period.

As for tenth place, it went to the Egyptian Export Development Bank «EBank» with a combined growth rate of 54.11%, driven mainly by net profit growth at a rate of 65.91% during 2024, in addition to the growth of total portfolios of deposits, assets and customer loans at rates of 57.94% and 55.77%.and 36.84%, respectively, during the same period

It is worth noting that all values and growth rates mentioned in the above analysis are according to the independent financial statements announced for each bank by the end of 2024.