A Fierce Battle Between Emirates NBD Egypt and Suez Canal Bank to Break Into Egypt’s Top 10 Lenders
Egypt’s banking sector is at a pivotal moment as competition intensifies—not just to grow lending books but to prove the sustainability of business models. This race isn’t only about size; it’s about balancing growth with prudent risk management, setting the stage for a fierce rivalry between Emirates NBD Egypt and Suez Canal Bank.
In March 2025, Suez Canal Bank, led by CEO Akef El Maghraby, made history by entering Egypt’s top 10 banks in total loans for the first time—a strategic milestone. But by June 2025, Emirates NBD Egypt, under CEO Amr El Shafei, edged it out, climbing to 10th place and pushing Suez Canal Bank to 11th by just EGP 626.46 mn.
Financial statements reveal the paths each bank took. Emirates NBD Egypt’s total customer loans rose 15.2% in H1 2025 to EGP 96.88 bn, up from EGP 84.06 bn at end-2024—an increase of EGP 12.82 bn. Growth was driven by corporate lending (including SMEs), up 12.6% to EGP 75.62 bn from EGP 67.16 bn, and retail lending, which surged 25.8% to EGP 21.26 bn from EGP 16.90 bn.
Credit quality remained solid, holding at 96.61% by June 2025 versus 96.38% at end-2024.
Suez Canal Bank grew even faster: total customer loans jumped 21.6% in H1 2025 to EGP 96.25 bn from EGP 79.17 bn—a surge of EGP 17.09 bn. Corporate lending climbed 20.5% to EGP 88.79 bn from EGP 73.67 bn, while retail lending leapt 35.8% to EGP 7.46 bn from EGP 5.49 bn. Similar to its rival Emirates NBD Egypt, this expansion did not come at the expense of credit quality, which improved to 96.57% by June 2025 from 95.77% at end-2024.
The figures highlight Suez Canal Bank’s rapid climb, though keeping up this blistering pace may prove its toughest test yet. Emirates NBD Egypt, meanwhile, seems intent on playing the long game, relying on steady expansion and strong backing from its Dubai-based parent.
Beyond loan volumes, the real battle will be over strategy: can Suez Canal Bank’s agility power it back into the top 10, or will Emirates NBD’s disciplined growth cement its position among Egypt’s leading lenders?
