E-bank, ABK-Egypt, SAIB, SCbank fastest growing banks in terms of net profit in 9M-22

E-bank tops First Bank’s list with 168.9% growth rate

Export Development Bank-Egypt topped First Bank list of fastest growing banks in terms of profits during the first 9 months of 2022. The bank’s net profit posted EGP 944 million at the end of September 2022, compared to EGP531 million at the end of 2021 with a growth rate of 168.9%.

First Bank’s list of fastest growing banks in terms of net profit in 9M included 18 banks

First bank analyses net profits of 18 banks with available financial statements operating in the Egyptian banking sector and came up with a list of fastest growing banks in terms of net profits in 9M-22. The analysis revealed that all banks recorded positive growth rates in net profits during the period from January to September 2022.

SAIB Egypt came in second place, after its asset portfolio jumped by 133.3% generating EGP 518 million at the end of last September, compared to EGP22 million at the end of 2021.

Al Ahli Bank of Kuwait-Egypt (ABK Egypt) came in third place, with a growth rate of 104.8%, after net profits increased from EGP 616 million the end of December 2021, to EGP 1.262 billion by the end of September 2022.

In addition, Suez Canal Bank was in fourth place; as its net profit jumped to EGP 735 million at the end of September 2022, compared to EGP 377 million at the end of 2021 with a growth rate of 95%.

Furthermore, ADCB Egypt ranked fifth, with a growth rate of 86%, as the bank’s net profits increased to EGP 705 million at the end of September 2022, compared to EGP 379 million at the end of December 2021. It was followed by Ahli United Bank, in the sixth place, with a growth rate of 74.09% during the same period.

Meanwhile, Arab African International Bank ranked seventh, with a growth rate of 71.24%, as the bank’s net profits increased to EGP 2.2 billion at the end of September 2022, compared to EGP 170.6 billion at the end of December 2021.

However, Attijariwafa Bank ranked eighth, with a growth rate of 69.14%, as the bank’s net profit increased to EGP 592 million at the end of September 2022, compared to EGP 350 million at the end of December 2021.

ADIB Egypt ranked ninth, with a growth rate of 53.9% during the first 9 months of 2022, bringing the bank’s net profit from EGP 1.002 billion at the end of December 2021, to EGP 1.542 billion at the end of September 2022. It was followed by Credit Agricole and Faisal Islamic bank of Egypt, with growth rates of 37.45% and 36.30%, respectively, during the same period.

Moreover, SAIB Egypt ranked eighth with a growth rate of 17.43% as its total assets generated EGP 83.8 billion at the end of September 2022, compared to EGP 71.4 billion at the end of December 2021.