EBank, HD Bank , and Suez Canal Bank Lead Growth in Credit Card Issuance Among Listed Banks in Q1-2023

According to the latest list by First Bank, which ranks the fastest-growing listed banks in credit card issuance for the first quarter of the current year, Export Development Bank of Egypt has claimed the top spot with an impressive growth rate of 22.31%. The bank's credit card portfolio reached EGP79.8 mn by the end of March 2023, compared to EGP65.3 mn at the end of December 2022.

The list, includes 10 banks listed on the Egyptian Stock Exchange, highlights the positive growth trends across all banks in their total credit card portfolios from January to March 2023. Notably absent from the ranking was Faisal Islamic Bank of Egypt.

Securing the second place on the list was HD Bank, which experienced a growth rate of 7.29% during Q1 2023. The bank's credit card portfolio amounted to EGP 102.7 mn by the end of March 2023, up from EGP 95.8 mn at the end of December 2022.

Suez Canal Bank secured the third place, reporting a credit card portfolio growth rate of 7% in the first quarter of the year. Its portfolio stood at EGP39.02 mn by the end of March 2023, compared to EGP36.5 mn at the end of December 2022.

Banque Misr - Egypt secured the fourth place with a growth rate of 5.88% during the first 3 months of 2023. The bank's credit card portfolio increased from EGP29.7 mn in December 2022 to EGP31.5 mn by the end of March 2023.

In fifth place came Commercial International Bank - Egypt, with a growth rate of 4.88% in Q1 2023. CIB's credit card portfolio surpassed EGP 8 bn by the end of March 2023, compared to EGP 7.6 bn at the end of December 2022.

The provided analysis is based on separate announced financial statements of each bank by end of of March 2023.

The notable growth rates and figures indicate the banks' robust performance and their focus on expanding credit card services to meet the evolving financial needs of Egyptian consumers.