Crédit Agricole bank, saib, and Suez Canal Bank: Fastest Growing Banks in Corporate Deposits in Q1-2023

In a report released by First Bank, the fastest-growing banks in terms of corporate deposits in the first quarter of the current year were revealed. Crédit Agricole - Egypt topped the list with a growth rate of 21.16%, reaching a total portfolio of EGP 43.9 bn by the end of March 2023, compared to EGP 36.2 bn by the end of December 2022.

The list, which included 18 major banks in the Egyptian banking sector that provided financial data during the analyzed period, unveiled positive growth rates achieved by all banks in their total corporate deposit portfolios from January to March 2023.

saib secured the second position on the list with a growth rate of 18.27% during the same period. Its corporate deposit portfolio increased from EGP 50.03 bn by the end of December 2022 to EGP 59.2 bn by the end of March 2023.

Suez Canal Bank claimed the third position with a growth rate of 16.82%, continuing its strong performance in the first quarter of the current year. The bank recorded a corporate deposit portfolio of EGP 61.9 bn by the end of March 2023, compared to EGP 53 bn by the end of December 2022.

Ahli United Bank - Egypt ranked fourth, with its corporate deposit portfolio growing at a rate of 15.48% in the first quarter of the current year. It reached EGP 64.4 bn by the end of March 2023, compared to EGP 55.8 bn by the end of December 2022. It was followed by EGBANK in the fifth position with a growth rate of 12.34% during the same period.

Alex Bank claimed the sixth position with a growth rate of 12.03% in the first quarter of the current year. Its corporate deposit portfolio increased from EGP 25.5 bn by the end of December 2022 to EGP 28.6 bn by the end of March 2023. EBank ranked seventh with a growth rate of 11.65% in the first quarter of the current year.

Qatar National Bank (QNB) secured the eighth position with a growth rate of 9.88% in the first quarter of the current year. Its corporate deposit portfolio reached EGP 288.3 bn by the end of March 2023, compared to EGP 262.4 bn by the end of December 2022. Attijariwafa bank followed in the ninth position with a growth rate of 9.55% during the same period.

Commercial International Bank - Egypt (CIB) claimed the tenth position among the fastest-growing banks in terms of corporate deposits. It achieved a growth rate of 8.25% in the first quarter of the current year, with its portfolio reaching EGP 283.9 bn by the end of March 2023, compared to EGP 262.2 bn by the end of December 2022.

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