HD Bank, Ahli United Bank, and CIB, fastest-growing banks in terms of Retail deposits in Q1-2023

According to FirstBank's list of banks with the highest growth in retail deposits during the first quarter of the current year, Egyptian Housing and Development Bank topped the list with a growth rate of 14.45%. Its total portfolio reached EGP31.159 bn by the end of March 2023, compared to EGP27.225 bn by the end of December 2022.

The list includes a total of 18 active banks in the Egyptian banking sector, for which financial data was available for analysis. It revealed that 15 banks achieved positive growth rates in their retail deposit portfolios, while 3 banks experienced a decline in individual deposits during the first quarter of 2023.

Returning to the list, Ahli United Bank - Egypt secured the second position with a growth rate of 8.95% in its individual deposit portfolio during the first quarter of the current year, reaching EGP15.287 bn by the end of March 2023, compared to EGP14.031 bn by the end of December 2022.

As for the third position, it was attained by Commercial International Bank - Egypt after its retail deposit portfolio jumped by 8.34% during the first quarter of the current year, rising from EGP267.901 bn in December 2022 to EGP290.251 bn by the end of March 2023. Following closely is Banque du Caire, with a growth rate of 8.25% during the same period.

EGBANK ranked fifth after achieving a growth rate of 7.14% in its retail deposit portfolio during the first quarter of the current year, reaching EGP18.734 bn by the end of March 2023, compared to EGP17.485 bn by the end of December 2022.

Qatar National Bank Al-Ahli (QNB) secured the sixth position with a growth rate of 6.99% during the first quarter of the current year. Its individual deposits reached EGP154.798 bn by the end of March 2023, compared to EGP144.680 bn by the end of December 2022. It was followed by Faisal Islamic Bank of Egypt with a growth rate of 6.62% during the same period.

As for the eighth position, it was obtained by Suez Canal Bank with a growth rate of 6.59% during the first quarter of the current year. Its retail deposit portfolio reached EGP13.653 bn by the end of March 2023, compared to EGP12.809 bn by the end of December 2022.

saib ranked ninth with a growth rate of 5.35%, as its retail deposit portfolio increased from EGP22.975 bn in December 2022 to EGP24.205 bn by the end of March 2023. It was followed by EBank in the tenth position with a growth rate of 3.95% during the same period of the current year.

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