HD Bank, EBank, and NBK Egypt, fastest-growing banks in terms of net interest income during Q1-2023

First Bank list revealed the banks with the highest growth in net interest income during the first quarter of the current year. It showed that HD Bank topped the list, with a net income growth rate of 110.34%, reaching EGP 2.037 bn during the first quarter of 2023, compared to EGP 969 mn during the first quarter of 2022.

The list, which included 20 banks in the Egyptian banking sector, unveiled that all the banks achieved positive growth rates in their net income from revenue during the period from January to March 2023.

Returning to the list, E Bank, secured the second position with a growth rate of 105%. Its net interest income reached EGP 10.98 bn during the first quarter of 2023, compared to EGP 535 mn during the first quarter of 2022.

National Bank of Kuwait - Egypt claimed the third position, with a net income growth rate of 100%, recording EGP 1.540 bn during the first quarter of 2023, compared to EGP 770 mn during the first quarter of 2022.

Crédit Agricole - Egypt came in fourth place, with a net income growth rate of 93.92%, reaching EGP 1.500 bn during the first quarter of 2023, compared to EGP 773 mn during the first quarter of 2022.

Ahli United Bank - Egypt secured the fifth position with a growth rate of 90.69%. Its net interest income amounted to EGP 1.063 bn during the first quarter of the current year, compared to EGP 557 mn during the first quarter of 2022.

As for the sixth position, Suez Canal Bank achieved a significant leap in net interrst income with a growth rate of 89.59%, reaching EGP 707 mn during the first quarter of 2023, compared to EGP 373 mn during the first quarter of 2022. It was followed by Abu Dhabi Islamic Bank - Egypt with a growth rate of 85.88% during the same period.

Abu Dhabi Commercial Bank - Egypt ranked eighth with a growth rate of 82.92% after its net interest income increased to EGP 940 mn during the first quarter of 2023, compared to EGP 514 mn during the first quarter of 2022.

saib captured the ninth position with a growth rate of 80.65%. Its net interest income moved from EGP 578 mn during the first quarter of 2022 to EGP 1.046 bn during the first quarter of 2023.

CIB ranked tenth with a growth rate of 75.71%, as its net interest income increased to EGP 914 mn during the first quarter of 2023, compared to EGP 520 mn during the first quarter of 2022.

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