ABK-Egypt's deposit portfolio jumps to EGP66.15 bn, enhancing its market share during 2022

4/27/2023 10:20:00 AM

Deposit portfolio of Al Ahli Bank of Kuwait-Egypt’s witnessed remarkable growth over the past year, as it jumped by 38.15%, to reach EGP66.15 bn by the end of 2022, compared to EGP47.88 bn by the end of 2021.

The bank’s success in increasing its deposit portfolio by EGP 18.27 bn during 2022 was reflected in its market share, which rose to 0.77% of total banking sector deposits at the end of last year, compared to 0.74% at the end of 2021.

First Bank monitors the development of the bank's deposit portfolio in various currencies during 2022, and the share of each of them in the total portfolio.

Deposit portfolio of Al Ahli Bank of Kuwait-Egypt’s was distributed among different currencies, in which the Egyptian pound had the largest share, as it acquired 87.80% of the bank’s total deposits by the end of 2022.

The bank’s deposit portfolio in local currency increased to EGP58.08 bn by the end of 2022, compared to EGP42.6 bn by the end of 2021, with a growth rate of 36.34%, and an increase of EGP15.48 bn.

This enabled the bank to enhance its market share in this market during the past year, as it jumped to 0.82% of the total deposits of the banking sector in local currency by the end of 2022, compared to 0.75% by the end of 2021.

The bank's deposit portfolio in foreign currencies jumped by 52.78%, to reach EGP8.07 bn at the end of 2022, compared to EGP5.28 bn at the end of 2021.

Al-Ahly Kuwait-Egypt deposits in foreign currencies acquired 12.20% of the bank’s total deposits by the end of 2022. As for its market share, it reached 0.54% of the total deposits of the banking sector in foreign currencies at the end of the same period.

Deposits in Euro were the fastest growing during 2022, as they jumped by 125.55%, to reach EGP853.53 mn at the end of last year, compared to EGP378.42 mn at the end of 2021.

Euro acquired a small percentage of deposits, as it constituted about 1.29% of the bank’s total deposits by the end of 2022.

The bank’s deposits in US dollars increased to EGP7.09 bn at the end of 2022, compared to EGP4.03 bn at the end of 2021, achieving a growth rate of 76.16%, and an increase of EGP3.07 bn, thus acquired 10.72% of the bank’s total deposits.

Pound sterling constituted a very limited share of the bank’s deposit portfolio, about 0.09% of the total deposits during 2022, despite its rise to EGP57.81 mn by the end of 2022, compared to EGP42.02 mn by the end. 2021, with a growth rate of 37.58%, an increase of EGP 15.79mn.

As for deposits in other currencies, they reached EGP67.55 mn by the end of 2022, acquiring 0.10% of the total bank deposits by the end of the same period.