Faisal Bank, saib, and Credit Agricole Bank Lead in Fastest Growth among Listed Banks in Financial Investments during Q1-2023

In the first quarter of 2023, Faisal Islamic Bank of Egypt, saib, and Credit Agricole bank emerged as the top-performing banks in terms of financial investments, according to First Bank list of fastest-growing listed banks.

Faisal Islamic Bank of Egypt claimed the top spot on the list with an impressive growth rate of 53.16%. The bank's total portfolio soared to EGP 97.8 bn by the end of December 2023, compared to EGP 63.8 bn at the end of December 2022.

The list, which featured 11 banks listed on the Egyptian Stock Exchange, revealed that 6 banks achieved positive growth rates in their total investment portfolios. However, 5 banks experienced a decline during the analyzed period.

Securing the second place on the list, saib witnessed a growth rate of 22.23% during Q1-2023. The bank's total portfolio of financial investments and T-bills stood at  EGP 27.5 bn by the end of March 2023, compared to EGP 22.5 bn at the end of December 2022.

Credit Agricole Egypt secured the third spot on the list with a growth rate of 14.01%. Its total portfolio of financial investments and T-bills reached EGP 14.9 bn by the end of March 2023, compared to EGP 13.1 bn at the end of December 2022.

EGBANK, ranked fourth on the list with a growth rate of 6.29% during Q1-2023. The bank's total portfolio of financial investments and T-bills reached EGP 38.1 bn by the end of March 2023, compared to EGP 35.9 bn at the end of December 2022.

alBaraka Bank Egypt secured the fifth place with a growth rate of 5.58% during the first quarter of 2023. The bank's total portfolio of financial investments amounted to EGP 33.4 bn by the end of March 2023, compared to EGP 31.7 bn at the end of December 2022. Following closely was the Housing and Development Bank, which experienced a growth rate of 2.85% during the same period.

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