ADCB Egypt, EBank, and ABK - Egypt, fastest-growing banks in credit cards during Q1-2023

According to First Bank list of the fastest-growing banks in credit cards during the first quarter of this year, Abu Dhabi Commercial Bank (ADCB) topped the list with a growth rate of 122.86%. The value of its credit card portfolio reached EGP 164.5 mn by the end of March 2023, compared to EGP 132.8 mn by the end of December 2022.

First Bank list included credit cards from 17 active banks in the Egyptian banking sector, for which financial data was available for analysis. It revealed that all the banks achieved positive growth rates in their credit card portfolios during the first quarter of 2023.

Ebank secured the second position with a growth rate of 22.31% during the first quarter of the current year. Its total credit card portfolio reached EGP 79.8 mn by the end of March 2023, compared to EGP 65.3 mn by the end of December 2022.

ABK - Egypt, took the third position with a total credit card portfolio growth rate of 14.81% during the first quarter of the current year. It recorded EGP 369 mn by the end of March 2023, compared to EGP 321.4 mn by the end of December 2022. Following closely was Bank du Caire with a growth rate of 11.22% during the same period.

Ahli United Bank - Egypt secured the fifth position with a growth rate of 10.83% during the first quarter of the current year. Its total credit card portfolio amounted to around EGP 46.5 mn by the end of March 2023, compared to EGP 42 mn by the end of December 2022.

Alex Bank ranked sixth with a credit card portfolio growth rate of 10.76% during the first quarter of the current year. It recorded EGP 469.6 mn by the end of March 2023, compared to EGP 424 mn by the end of December 2022.

As for the seventh position, it was occupied by HD Bank with a growth rate of 7.29% during the first 3 months of the current year. The value of its credit card portfolio reached EGP 102.7 mn by the end of March 2023, compared to EGP 95.7 mn by the end of December 2022.

Suez Canal Bank ranked eighth with a growth rate of 7% during the first quarter of the current year. Its credit card portfolio increased to EGP 30.02 mn by the end of March 2023, compared to EGP 36.5 mn by the end of December 2022.

alBaraka Bank secured the ninth position with a growth rate of 5.88% during the period from January to March of the previous year. Its total credit card portfolio reached EGP 31.5 mn by the end of March 2023, compared to EGP 29.7 mn by the end of December 2022.

Commercial International Bank - Egypt ranked tenth with a growth rate of 4.88% during the first quarter of the current year. Its credit card portfolio increased from EGP 7.636 bn by the end of December 2022 to EGP 8.008 bn by the end of March 2023.

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