ADCB Egypt and ABK– Egypt, Top the fastest growing Gulf banks in Egypt in deposit portfolio during 2022

Abu Dhabi Commercial Bank - Egypt topped the list of the fastest growing Gulf banks operating in the Egyptian banking sector in customer deposits, after the bank succeeded under the leadership of Ihab ElSewerky - in achieving a record growth in its deposit portfolio at a rate of 83.63% during the past year, to jump to EGP75.5 bn by the end of 2022. , compared to EGP41.1 bn by the end of 2021.

The classification which included 9 Gulf banks operating in the Egyptian banking sector, revealed that they acquired 12.82% of the total bank deposits in the Egyptian banking sector at the end of December 2022, compared to 12.71% at the end of December 2021.

The list revealed that Gulf banks operating in the Egyptian banking sector achieved a compound growth rate of 34.12% over the past year, bringing the total value of their customers’ deposits to EGP 1.01 tn by the end of 2022, compared to EGP 820 bn by the end of 2021, an increase of EGP 729.7 bn.

ABK Egypt grabbed the second place on the list of the fastest Gulf banks operating in Egypt, growing customer deposits at a rate of 38.15% over the past year, after the total portfolio jumped to EGP 66.1 bn at the end of December 2022, compared to EGP47.9 bn at the end of December 2021.

QNB Al Ahli came third with a growth rate of 37.41% over the past year, after the bank’s total deposit portfolio recorded EGP 407.1 bn at the end of December 2022, compared to EGP 296.2 bn at the end of December 2021, followed by NBK Egypt and FAB Egypt at rates of 36% and 35%, respectively, during the same period.

Ahli United Bank - Egypt ranked sixth, with a growth rate of 30.37% over the past year, to record a total deposit portfolio of EGP 69.8 bn at the end of December 2022, compared to EGP53.5 bn at the end of December 2021.Abu Dhabi Islamic Bank - Egypt came in seventh place after it achieved a growth in deposit portfolio at a rate of 28.94% during the past year, to record EGP 97.7 bn at the end of December 2022, compared to EGP75.8 bn at the end of December 2021, followed by Emirates NBD - Egypt and  alBaraka - Egypt at growth rates of 26.10% and 2.55%, respectively, during the same period.

It should be noted that all values ​​and growth rates mentioned above analysis are according to separate financial statements announced for each bank at the end  of December 2022.