aiBANK, EBank, and Suez Canal Bank, fastest-growing banks in terms of net fees and commissions income during Q1-2023

According to First Bank list of the fastest-growing banks in terms of net fees and commissions income during the first quarter of the current year, aiBANK, Arab Investment Bank, topped the list with a growth rate of 350.55%. The bank recorded EGP 214.8 mn during the first quarter of 2023, compared to EGP 47.7 mn during the first quarter of 2022.

First Bank list monitored net fees and commissions income of 18 banks operating in the Egyptian banking sector, based on the financial data available for analysis. It revealed that all banks included in the analysis achieved positive growth rates in their net fees and commissions income during the period from January to March 2023.

Taking the second position on the list is EBank with a growth rate of 232.07%. Its net fees and commissions income reached EGP 335.7 mn during the first quarter of 2023, compared to EGP 101.1 mn during the first quarter of 2022.

Ranking third on the list is Suez Canal Bank, which witnessed a significant growth rate of 227.67%. Its net fees and commissions income amounted to around EGP 224.1 mn during the first quarter of 2023, compared to EGP 68.4 mn during the same period in 2022.

Ahli United Bank of Egypt secured the fourth position with a growth rate of 199.92%. Its net fees and commissions income reached EGP 252 mn during the first quarter of 2023, compared to EGP 84.02 mn during the first quarter of 2022. It was followed by Credit Agricole Egypt with a growth rate of 188.83% during the same period.

ABK Egypt took the sixth position with a growth rate of 160.80%. Its net fees and commissions income increased to EGP 179.9 mn during the first quarter of 2023, compared to EGP 69 mn during the same period in 2022.

NBD - Egypt ranked seventh on the list, achieving a growth rate of 130.66%. Its net fees and commissions income increased from EGP 114.02 mn during the first quarter of 2022 to EGP 263 mn during the first quarter of 2023. Abu Dhabi Islamic Bank - Egypt followed in the eighth position with a growth rate of 111.65% during the same period.

Commercial International Bank - Egypt (CIB) secured the ninth position on the list, experiencing a growth rate of 79.10%. Its net from fees and commissions income reached EGP 1.212 bn during the first quarter of 2023, compared to EGP 676.8 mn during the first quarter of 2022. It was followed by Alex bank with a growth rate of 76.38% during the same period.

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