saib, ADIB-Egypt, and Ahli United bank, Fastest-Growing Banks in Shareholders' Equity in Q1 2023

First Bank list has revealed the fastest-growing banks in shareholders' Equity during the first quarter of the current year, saib topped the list with a growth rate of 31.91%. The bank's total shareholders' Equity reached EGP 11.194 bn by the end of March 2023, compared to EGP 8.486 bn by the end of December 2022.

First Bank list identified shareholders' Equity in 19 banks operating in the Egyptian banking sector for which data was available during the analysis period. It showed that 17 banks achieved positive growth rates in their total shareholders’ Equity, while 2 banks experienced a decline in the period from January to March 2023.

Shareholders' Equity refers to what remains for shareholders after deducting all obligations from the bank's total assets. Essentially, it represents the owner's rights to the bank's assets.

Returning to the list, Abu Dhabi Islamic Bank - Egypt, ADIB, secured second place with a growth rate of 19.55% during the first quarter of the current year. Its total shareholders' Equity reached EGP 10.309 bn by the end of March 2023, compared to EGP 8.623 bn by the end of December 2022.Ahli United Bank - Egypt ranked third, by 10.20% during the first quarter of the current year, reaching EGP 11.596 bn by the end of March 2023, compared to EGP 10.523 bn by the end of December 2022. Following closely in fourth place was Banque du Caire with a growth rate of 10% during the same period.

Faisal Bank claimed the fifth position with a growth rate of 7.34% during the first quarter of the current year. Its total shareholders' Equity reached EGP 23.574 bn by the end of March 2023, compared to EGP 21.962 bn by the end of December 2022.

EGBANK, secured the sixth position with a growth rate of 7.05% during the first quarter of the current year. Its total shareholders' Equity stood at EGP 5.692 bn by the end of March 2023, compared to EGP 5.317 bn by the end of December 2022. Credit Agricole - Egypt followed in seventh place with a growth rate of 6.15% during the same period.

Emirates NBD - Egypt claimed the eighth position with a growth rate of 5.90%. Its total shareholders' Equity reached EGP 9.011 bn by the end of March 2023, compared to EGP 8.509 bn by the end of December 2022. Alex Bank followed in the ninth position with a growth rate of 3.95% during the first quarter of the current year.

Suez Canal Bank secured the tenth position with a growth rate of 3.91% during the first quarter of the current year. Its total shareholders' Equity reached EGP 5.715 bn by the end of March 2023, compared to EGP 5.500 bn by the end of December 2022. HD Bank followed in eleventh place with a growth rate of 2.77% during the same period of the current year.

It is worth noting that all the mentioned values and growth rates above based on separate announced financial statements of each bank as of March 2023.