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

According to the list compiled by FirstBank, Arab African international Bank topped the list with a growth rate of 19.22%. Its portfolio reached EGP 260 bn by the end of March 2023, compared to EGP 218.1 bn by the end of December 2022.

The list examined total customer deposit portfolio of 21 active banks in the Egyptian banking sector, based on the financial data available during the analysis period. It revealed that 20 banks achieved positive growth rates in their customer deposits from January to March 2023, while one bank experienced a decline in its deposit portfolio during the same period.

Taking the second spot, Suez Canal Bank continued its success under the leadership of Hussein Refai, with a deposit growth rate of 14.83%. Its portfolio increased by EGP9.756 bn in the first quarter of the current year, reaching EGP75.6 bn by the end of March 2023, compared to EGP65.8 bn by the end of December 2022.

saib secured the third position with a growth rate of 14.20% in the first quarter of the current year. Its deposit portfolio rose to EGP 83.4 bn by the end of March 2023, compared to EGP73 bn by the end of December 2022.

Ahli United Bank, with a growth rate of 14.17% in the first 3 months of the current year, occupied the fourth position. Its deposit portfolio reached EGP 79.7 bn by the end of March 2023, compared to EGP69.8 bn by the end of December 2022. It was followed by Crédit Agricole Egypt, which achieved a growth rate of 12.18% during the same period of the current year.

EGBANK secured the sixth position with a growth rate of 11.07% in the first three months of the current year. Its deposit portfolio reached EGP79.7 bn by the end of March 2023, compared to EGP71.7 bn by the end of December 2022. EBank followed in seventh place with a growth rate of 10.25% during the same period.

QNB ALAHLI ranked eighth after its deposit portfolio increased by 8.85%, reaching EGP443.1 bn by the end of March 2023, compared to EGP407.1 bn by the end of December 2022.

Commercial International Bank - Egypt claimed the ninth position after achieving a growth rate of 8.30% in its deposit portfolio during the first quarter of the current year. It increased from EGP530.1 bn by the end of December 2022 to EGP574.1 bn by the end of March 2023.

Lastly, Housing and Development Bank secured the tenth position with a growth rate of 7.72% in the first quarter of the current year. Its deposit portfolio grew to EGP96.4 bn by the end of March 2023, compared to EGP89.5 bn by the end of December 2022.

It should be noted that all the mentioned values and growth rates in the analysis above are based on separate financial statements announced by each bank by the end of March 2023.