Suez Canal Bank, Credit Agricole bank, and ADIB Egypt Top Fastest-Growing listed Banks in Q1-2023 on First Bank Composite Index

First Bank composite growth index, which measures the growth of listed banks, has revealed the top performers during the first quarter of 2023. Suez Canal Bank emerged as the leader with an impressive composite growth rate of 51.72%.

This remarkable growth was primarily fueled by a staggering 160.58% increase in net profits. Furthermore, the bank witnessed substantial growth rates of 13.73%, 17.76%, and 14.83% in total customer loan portfolios, assets, and deposits, respectively.

First Bank composite index takes into account the performance of banks listed on the Egyptian Stock Exchange, evaluating their overall growth across 4 key indicators: net profits, total assets, and customer loans and deposits portfolios.

Out of the 11 banks listed on the Egyptian Stock Exchange as of March, all have managed to achieve positive growth rates during the period spanning January to March 2023.

Credit Agricole Egypt secured the second spot with an impressive composite growth rate of 44.75%. The bank's success can be attributed primarily to a significant net profit growth rate of 151.07%. Additionally, Credit Agricole witnessed growth rates of 13.22%, 12.18%, and 2.54% in its total asset, deposits, and customer loans portfolios, respectively, during the first quarter of 2023.

Ranking third is Abu Dhabi Islamic Bank - Egypt, which achieved a composite growth rate of 36.77% during the first quarter of this year. This notable growth can be attributed to a remarkable net profit increase of 128.41%. Furthermore, the bank experienced growth rates of 7.63%, 4.10%, and 6.92% in its total asset, deposits, and customer loans portfolios, respectively.

Qatar National Bank - Al Ahli secured the fourth position with a composite growth rate of 36.12%. QNB's growth was driven by a substantial net profit increase of 119.67%. The bank also witnessed growth rates of 8.52%, 8.85%, and 7.42% in its total asset, deposits, and customer loans portfolios, respectively, during the first quarter of 2023.

Housing and Development Bank claimed the fifth position, showcasing a composite growth rate of 32.34%. The bank's success can be attributed primarily to a significant net profit growth rate of 106.94% during the first quarter of this year. Moreover, the bank experienced growth rates of 12.20%, 7.72%, and 2.51% in its total asset, deposits, and customer loans portfolios, respectively.

It is important to note that all growth rates mentioned above are based on separate announced financial statements of each bank as of the end of March 2023.