KFH vs ABK: How a retail deposit gap turned into a fierce, close race

The comparison between Al Ahli Bank of Kuwait–Egypt (ABK-Egypt) and Kuwait Finance House–Egypt (KFH-Egypt) reflects a notable shift in the competitive landscape for retail deposits over the period from end-2022 to June 2026.

The gap, which initially stood at EGP 2.57 bn in favour of ABK-Egypt, did not move in one direction. Instead, it widened initially, reaching a peak of around EGP 8.3 bn in 2024, before reversing during 2025 and narrowing to just EGP 233 mn in June 2026.

retail deposits at ABK-Egypt stood at approximately EGP 16.60 bn at end-2022, compared with EGP 14.03 bn at KFH-Egypt, giving the former an initial lead of around EGP 2.57 bn.

During 2023, retail deposits at the two banks increased to approximately EGP 21.47 bn and EGP 18.41 bn, respectively, widening the gap to around EGP 3.06 bn and maintaining ABK-Egypt’s lead during the early stages of the period.

In 2024, the gap between the two banks widened to its highest level, as retail deposits at ABK-Egypt reached approximately EGP 33.93 bn, compared with EGP 25.61 bn at KFH-Egypt. The difference consequently increased to around EGP 8.32 bn, marking its highest level throughout the period under review.

This indicates that the subsequent convergence was not a continuous trend from the beginning of the period but rather followed a significant widening of the gap in favour of ABK-Egypt.

2025 marks a turning point as KFH-Egypt narrows the gap

The competitive dynamics began to shift in 2025, as retail deposits at KFH-Egypt rose to approximately EGP 37.97 bn, compared with EGP 44.69 bn at ABK-Egypt, narrowing the gap to around EGP 6.72 bn.

This came as KFH-Egypt recorded a larger annual increase in retail deposits, adding approximately EGP 12.36 bn, compared with around EGP 10.76 bn at ABK-Egypt. This marked the beginning of a reduction in the gap that had peaked in the previous year.

The first half of 2026 witnessed the most significant movement in the deposit gap. retail deposits at KFH-Egypt increased to approximately EGP 48.25 bn, rising by around EGP 10.28 bn in just six months, while deposits at ABK-Egypt reached EGP 48.48 bn, up by approximately EGP 3.79 bn.

As a result, the gap narrowed by around EGP 6.49 bn in just six months, falling from EGP 6.72 bn at end-2025 to approximately EGP 233 mn in June 2026.

The significance of this shift becomes clearer when examining the cumulative increase since the beginning of the period. retail deposits at ABK-Egypt rose by approximately EGP 31.88 bn between end-2022 and June 2026, compared with an increase of around EGP 34.22 bn at KFH-Egypt.

This means that KFH-Egypt added approximately EGP 2.34 bn more than its competitor, despite starting the period with a lower deposit base of around EGP 2.57 bn.

Accordingly, the convergence did not result from stagnant deposits at ABK-Egypt, but rather from KFH-Egypt recording a larger increase in deposits, particularly during the latter part of the period.

The gap narrows, while changes in rankings remain limited

At the ranking level, movements were more modest than the change in the financial gap. ABK-Egypt advanced from 22nd place at end-2022 to 21st place in June 2026, while KFH-Egypt moved up from 23rd to 22nd place, leaving the difference between the two banks unchanged at one position at both points of comparison.

This comparison highlights an important distinction: while each bank advanced by only one position, the financial gap between them changed much more substantially. It increased from EGP 2.57 bn at end-2022 to EGP 8.32 bn in 2024, before narrowing to just EGP 233 mn in June 2026.

Therefore, rankings alone do not fully capture the shift in competitive intensity, as the most significant change occurred in the financial distance separating the two banks.

Overall, competition between the two banks shifted from a relatively modest gap at the beginning of the period to a difference exceeding EGP 8 bn in 2024, before narrowing to just EGP 233 mn in June 2026.

Although ABK-Egypt remained ahead in both deposit balances and rankings, its lead in retail deposits became marginal in financial terms. The gap that had separated the two banks by billions of Egyptian pounds in 2024 had narrowed to just EGP 233 mn by June 2026, as KFH-Egypt recovered most of the difference during the latter part of the period.