Suez Canal Bank, Credit Agricole bank, and ADIB Egypt, top fastest-growing listed banks in terms of net profits in Q1-2023

According to First Bank list of the fastest-growing banks in terms of net profits in the first quarter of the current year, Suez Canal Bank topped on with a growth rate of 160.58%. It recorded EGP250.9 mn during the first quarter of 2023, compared to EGP96.3 mn during the same period in 2022.

The list, which included 11 banks listed on the Egyptian Stock Exchange, revealed that all analyzed banks achieved positive growth rates in their net profits during the period from January to March 2023.

Credit Agricole Egypt ranked second with a growth rate of 151.07% during the first 3 months of the current year. It reported net profits amounting to EGP 1.221 bn during the first quarter of 2023, compared to EGP486.5 mn in the first quarter of 2022.

Abu Dhabi Islamic Bank - Egypt came third, after its net profits jumped by a growth rate of 128.41% during the first 3 months of the current year. It recorded EGP968.3 mn during the first quarter of 2023, compared to EGP423.9 mn in the first quarter of 2022.

QNB Al Ahli came fourth, as its net profits increased by a growth rate of 119.67% during the first 3 months of the current year. It reported EGP 4.481 bn during the first quarter of 2023, compared to EGP 2.040 bn in the first quarter of 2022.

As for fifth position, it was obtained by  Housing and Development Bank with a growth rate of 107.03% during the first 3 months of the current year. It recorded net profits worth EGP 1.325 bn during the first quarter of 2023, compared to EGP 640 mn in the first quarter of 2022.

It is worth noting that all values and growth rates mentioned above analysis are based on separate financial statements of each bank on March 2023.