Competitiveness Indicator: AAIB, QNB Egypt intensify race for second place among private-sector banks

Competition for second place among Egypt’s private-sector banks is intensifying between Arab African International Bank (AAIB), led by Tamer Waheed, vice chairman and managing director, and QNB Egypt, led by Mohamed Bedeir, chief executive officer, as the gap between the two banks’ total assets narrows.

The close contest is not a recent development. QNB Egypt ranked behind Commercial International Bank – Egypt (CIB) for years before the competitive landscape shifted in June 2024, when AAIB overtook its rival to claim second place.

Since AAIB moved into the second position, the asset gap between the two banks has fluctuated considerably, widening at some points and narrowing sharply at others as their respective asset growth rates changed from one period to another.

The gap stood at EGP 76.03 billion at end-September 2024 before widening to a peak of EGP 114.67 billion at end-2024. It then narrowed to EGP 46.18 billion at end-March 2025.

The gap widened again to EGP 96.12 billion at end-June 2025 before falling to EGP 45.57 billion at end-September 2025 and EGP 39.68 billion at end-2025. By end-March 2026, it had narrowed further to just EGP 16.09 billion.

The decline marks a notable shift in the competition. A gap that exceeded EGP 100 billion at end-2024 shrank to EGP 16.09 billion only 15 months later, its lowest level since June 2024, leaving the two banks in an increasingly tight race for second place.

The narrowing gap coincided with a milestone in both banks’ growth, as their total assets exceeded EGP 1 trillion for the first time at end-March 2026.

AAIB’s assets rose to EGP 1.04 trillion at end-March 2026 from EGP 955.24 billion at end-2025, representing quarterly growth of 9.3 per cent.

QNB Egypt’s assets, meanwhile, increased to about EGP 1.03 trillion from EGP 915.56 billion over the same period, recording quarterly growth of 12.2 per cent.

Although AAIB remained ahead by EGP 16.09 billion, QNB Egypt’s stronger asset growth in Q1 2026 adds a new dimension to the competition. With the gap now at a level where differences in growth rates could alter the ranking, the pace of asset expansion has become increasingly important in determining the direction of the race.

Attention is now turning to the H1 2026 results as the next test of the balance between the two banks. QNB Egypt has already announced its results for the period, while the market awaits AAIB’s results, expected in the coming days.

The upcoming results are particularly significant given the narrow gap between the two banks. They will show whether AAIB can maintain its lead and whether QNB Egypt sustained the momentum recorded in Q1 2026, potentially allowing it to overtake its rival and reclaim second place.

The question now is whether AAIB can retain its position and widen the gap again, or whether QNB Egypt will reverse the order and reclaim second place. As attention turns to the latest figures, First Bank continues to track the two banks’ positions and whether the upcoming results will reinforce the current ranking or reshape the landscape of Egypt’s private-sector banks.