Limited growth in Faisal bank's deposits by end of 2022

Faisal Islamic Bank of Egypt's saving pools portfolio increased by 12.84% over the past year, to record EGP 123.63 bn by the end of 2022, compared to EGP109.56 bn by the end of 2021

This was not enough to cause significant increases in its market share or even to prevent it from declining.

The bank's market share declined slightly over the past year, to reach 1.44% of total banking sector deposits by the end of 2022, compared to 1.70% by the end of 2021.

The bank's saving pools portfolio in local currency witnessed a slight decline during 2022, as it declined by 2.75%, to reach EGP 78.62 bn at the end of last year, compared to EGP 80.85 bn at the end of 2021.

And the Egyptian pound acquired the largest share of the bank’s savings pools, as its share reached 63.60% by the end of 2022.

The decline that occurred in the bank’s Egyptian pound saving pools portfolio was reflected in its market share, as it declined to 1.11% of total deposits in local currency in the banking sector by the end of 2022, compared to 1.43% by the end of 2021.

Savings pools in foreign currency jumped to reach EGP45 bn by the end of 2022, compared to EGP28.71 bn by the end of 2021, with a growth rate of 56.73% on an annual basis

Savings pools in foreign currencies acquired 36.40% of the bank’s total savings pools by the end of 2022.

Despite the bank’s success in adding EGP 16.29 bn to it over the past year, this was not sufficient to increase its share in this market, as its market share declined to 2.99% of total deposits of the banking sector in foreign currencies by the end of 2022, compared to 3.56% by the end of 2021.

Savings pools in US dollars were fastest growing during the past year, as they jumped by 56.53%, to reach EGP41.42 bn pounds at the end of 2022, compared to EGP26.46 bn at the end of 2021, an increase of EGP 14.96 bn, 33.50% of its total portfolio. .

The bank’s euro savings portfolio increased by 43.26%, to reach the equivalent of 1.37 billion pounds at the end of 2022, compared to 957.93 million pounds at the end of 2021, constituting about 1.11% of its total portfolio.

Savings pools in pounds sterling rose from EGP147.27 mn at the end of 2021, to EGP208.43 mn at the end of 2022, achieving a growth rate of 41.53%, and an increase of EGP 61.16 mn.

Savings pools in pound sterling acquired a very small share of the bank’s total savings pools, reaching 0.17% by the end of 2022.

While saving pools portfolio in other foreign currencies jumped by 74.54%, to reach EGP 2 bn at the end of 2022, compared to EGP1.15 bn at the end of 2021, an increase of EGP855.59 mn, 1.62% of the bank’s total saving pools portfolio.

It should be noted that corporate accounts jumped to EGP 4.07 bn by the end of 2022, compared to EGP2.94 bn by the end of 2021, achieving a growth rate of 38.41%, and an increase of EGP 1.13 bn.

Individual accounts increased by 12.13%, to record EGP 119.56 bn by the end of 2022, compared to EGP106.62 bn by the end of 2021, an increase of EGP 12.94 bn.