saib, AAIB, and Suez Canal Bank top fastest-growing banks in terms of Assets during Q1-2023

According to FirstBank list of the fastest-growing banks in terms of asset during the first quarter of the current year, saib topped the list with a growth rate of 21.23%. The bank's portfolio increased from EGP 86.5 bn at the end of December 2022 to around EGP 104.8 bn by the end of March 2023.

First Bank list monitored Assets of 21 active banks in the Egyptian banking sector, based on the financial data available for the analysis period. The list revealed that 20 banks achieved positive growth rates in their asset portfolios, while one bank recorded a decline in its asset portfolio during the first quarter of 2023.

Returning to the list, AAIB secured the second position, with its asset portfolio growing by 19.22% during the first quarter of the current year, reaching EGP 390 bn by the end of March 2023 compared to EGP 327.2 bn at the end of December 2022.

As for third position, it was obtained by Suez Canal Bank, with a growth rate of 17.76% during the first quarter of the current year. Its asset portfolio jumped to EGP 87.9 bn by the end of March 2023, compared to EGP 74.7 bn at the end of December 2022. This was followed by Ahli United Bank, with a growth rate of 15.28% during the same period.

Egyptian Gulf Bank (EGBANK) came in fifth place with a growth rate of 34.61% during the first quarter of the current year. Its portfolio value reached around EGP 99.9 bn by the end of March 2023, compared to EGP 86.7 bn at the end of December 2022. It was followed by Crédit Agricole Egypt and Banque du caire with growth rates of 13.22% and 12.56% respectively during the same period of the current year.

Housing and Development Bank achieved the eighth position on the list after its asset portfolio grew by 12.20% during the first quarter of the current year, reaching EGP 116.3 bn by the end of March 2023 compared to EGP 103.6 bn at the end of December 2022.

Faisal Bank of Egypt ranked ninth with a growth rate of 9.51% during the first quarter of the current year. Its asset portfolio increased to EGP 166.1 bn by the end of March 2023, compared to EGP 151.6 bn at the end of December 2022. It was followed by Qatar National Bank Al Ahli (QNB) in the tenth position with a growth rate of 8.52% during the same period.

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