CIB, QNB Al Ahli, Faisal bank, and HD Bank Among Forbes' List of Top 50 Listed Companies in Egypt 2023

Forbes' list of the top 50 Listed companies in Egypt for the year 2023 includes 11 Egyptian banks, namely CIB, QNB Al Ahli, Faisal Islamic Bank, HD Bank, Abu Dhabi Islamic Bank Egypt, Credit Agricole bank, EBank, alBaraka bank, EGBANK, Suez Canal Bank, and saib.

Commercial International Bank topped the list under the leadership of CEO and Managing Director Hussein Abaza, with a market value of $5.2 bn, sales of $2.1 bn, and total assets of $20.6 bn. The bank also achieved profits amounting to $523 mn.

QNB Al Ahli Bank secured the second position on the list with a market value of $1.3 bn, sales of $1.6 bn, and profits of $335 mn, while its total assets reached $15.6 bn.

Faisal Islamic Bank ranked third among banks and seventh overall in the ranking, with a market value of $621 mn, assets worth $5 bn, and sales of $602 bn Egyptian pounds. The bank recorded profits of $156 mn.

HD Bank obtained the fourth position among banks and the seventeenth position among top 50 Listed companies in Egypt for 2023, with a market value of $309 mn, sales of $402 mn, and profits of $88 mn. The bank's total assets amounted to around $3.5 bn.

Abu Dhabi Islamic Bank secured the fifth position among banks and the eighteenth position overall, with a market value of $271 mn, sales of $405 mn, and profits of $71 mn. The bank's total assets reached $3.8 bn.

Credit Agricole Bank ranked sixth among banks and twentieth in the overall ranking, with a market value of $416 mn, sales of $262 mn, and profits of $78 mn. The bank's total assets amounted to $2.4 bn.

EBank occupied the seventh position among banks and the twenty-first position in the ranking, with a market value of $231 mn, sales of $305 mn, and profits of $43 mn. The bank's total assets amounted to $3.2 bn.

alBaraka Bank secured the eighth position among banks and the twenty-third position in Forbes' list of the top 50 companies in Egypt for 2023, with a market value of $196 mn, sales of $285 mn, and total assets of $2.8 bn. The bank achieved profits of $57 mn.

EGBANK ranked ninth among banks and twenty-sixth overall, with a market value of $219 mn, sales of $287 mn, profits of $27 mn, and total assets of $2.8 bn.

According to Forbes, the economic challenges faced by the world, from  COVID-19 crisis to the Russian-Ukrainian war, have left their mark on the annual list of top 50 companies in Egypt. The total sales value of the 50 companies (in  U.S. dollars) decreased by 16.3% to reach $32.7 bn.

Profits also declined by 8.9% to reach $4.9 bn, while the total value of assets decreased from $142 bn in 2021 to $109.2 bn in 2022, representing a decline of 23.3%.