Ahli United Bank, Emirates NBD, Suez Canal Bank Top Fastest-growing banks in Net profits during Q1-2023

First Bank released a list of the fastest-growing banks in terms of net profits during the first quarter of the current year. The list revealed that Ahli United Bank - Egypt topped the list, achieving a growth rate of 277.61% in its net profits, reaching EGP1.575 bn during the first 3 months of 2023, compared to EGP417 mn during the same period in 2022.

The list, which included 21 commercial banks in the Egyptian banking sector, analyzed financial data provided by these banks for the period. It showed that all the banks achieved positive growth rates in their net profits from January to March 2023.

Emirates NBD - Egypt secured the second position after achieving a growth rate of 215.94% in its net profits, reaching EGP964.6 mn during the first quarter of 2023, compared to EGP305.3 mn during the same period in 2022.

Suez Canal Bank claimed the third position on the list, with its net profits jumping by a growth rate of 160.58%, reaching EGP250.9 mn during the first 3 months of 2023, compared to EGP96.3 mn during the first quarter of 2022. Following closely was Credit Agricole - Egypt in the fourth position with a growth rate of 151.07% during the same period.

Attijariwafa Bank secured the fifth position, with a growth rate of 146.43%, recording net profits of EGP434.5 mn during the first quarter of 2023, compared to EGP176.3 mn during the same period in 2022.

Abu Dhabi Islamic Bank - Egypt achieved the sixth position with a growth rate of 128.41%, generating net profits of EGP968.3 mn during the first 3 months of 2023, compared to EGP423.9 mn during the first quarter of the previous year. It was followed by QNB Alahli in the seventh position with a growth rate of 119.67% during the same period.

Alex Bank claimed the eighth position with a growth rate of 115.97%, recording net profits of EGP 1.178 bn during the first quarter of 2023, compared to EGP545.7 mn during the first quarter of 2022.

Tenth on the list was HD Bank, achieving a growth rate of 106.94% in its net profits, reaching EGP 1.325 bn during the first 3 months of 2023, compared to EGP640.3 mn during the same period in 2022.

ABK- Egypt came tenth, with a growth rate of 100%, after achieving net profits of EGP1.101 bn during the first quarter of 2023, compared to EGP550.8 mn during the first quarter of 2022.

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