CIB Tops Credit Competitiveness Index Among Listed Banks in Q1-2023

First Bank's credit competitiveness index for listed banks in the first quarter of the current year revealed that Commercial International Bank - Egypt taking the first place. Total portfolio of loans and facilities for CIB increased by EGP 24.761 bn, reaching EGP 243.394 bn by the end of March 2023, compared to EGP 218.633 bn by the end of December 2022.

First Bank index measures the ability of listed banks in the Egyptian stock exchange to offer credit products or loan products to attract customers, whether individuals or corporates. It relies on the absolute value of the growth in total customer loans, which reflects the bank's success in increasing its portfolio balance.

The index monitored the increase achieved in total customer loan portfolios of 11 banks listed on the Egyptian stock exchange. The results of the index revealed that all the analyzed banks were able to increase their credit portfolios during the period from January to March 2023.

Qatar National Bank came in second place, with its total portfolio of loans and facilities increasing by EGP 17.115 bn during the first 3 months of the current year, reaching EGP 247.883 bn by the end of March 2023, compared to EGP 230.768 bn by the end of December 2022.

Export Development Bank of Egypt ranked third, with its total portfolio of loans and facilities to customers increasing by EGP 7.868 bn during the first quarter of the current year, reaching EGP 52.685 bn by the end of March 2023, compared to EGP 44.817 bn by the end of December 2022.

As for the fourth place, it was obtained by Suez Canal Bank, with its total customer loan portfolio jumping to EGP 36.550 bn by the end of March 2023, compared to EGP 32.137 bn by the end of December 2022, achieving an increase of EGP 4.413 bn during the first quarter of the current year.

Abu Dhabi Islamic Bank - Egypt ranked fifth, with its total customer loan portfolio increasing by EGP 4.140 bn during the first quarter of the current year, reaching EGP 63.807 bn by the end of March 2023, compared to EGP 59.667 bn by the end of December 2022.

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