FAB Egypt, Ahli United Bank, Emirates NBD, and Suez Canal Bank, Top Fastest Growing Banks on First Bank Composite Index
First Bank
First Bank's Composite Index for Fastest-Growing Banks reveals that during the first quarter of the current year, Abu Dhabi First Bank - Egypt topped the list with a composite growth rate of 100%, driven by a staggering 571.81% increase in net profits. Moreover, the bank witnessed growth rates of 33.20%, 36.32%, and 61.22% in assets, deposits, and total customer loans, respectively.
The ranking by First Bank for the fastest-growing banks during Q1 2023 is based on a composite growth index that evaluates Egyptian banks' overall growth rate. This index comprises 4 sub-indicators, including net profits, asset portfolios, deposits, and total customer loans.
The list consists of 22 banks operating in the Egyptian banking sector, providing financial data during the analyzed period. Results indicate that all banks achieved positive growth rates from January to March 2023.
Following Abu Dhabi First Bank, United National Bank - Egypt secured the second position on the index with a composite growth rate of 78.97%. The bank's net profit grew by 277.61% during Q1 2023, along with asset, deposit, and total customer loan growth rates of 15.28%, 14.17%, and 8.81%, respectively.
Emirates NBD - Egypt claimed the third position with a composite growth rate of 60.23% during Q1 2023. The bank's net profit surged by 215.94%, and asset, deposit, and total customer loan growth rates stood at 8.07%, 4.12%, and 12.79%, respectively.
Fourth place went to Suez Canal Bank, achieving a composite growth rate of 51.73%, driven primarily by a 160.58% increase in net profits. Additionally, the bank recorded growth rates of 17.76%, 14.83%, and 13.73% in assets, deposits, and total customer loans, respectively.
Credit Agricole Bank - Egypt secured the fifth position with a composite growth rate of 44.75% during Q1 2023, where net profits contributed significantly with a growth rate of 151.07%. Moreover, asset, deposit, and total customer loan growth rates reached 13.22%, 12.18%, and 2.54%, respectively. Following closely was the Commercial International Bank with a composite growth rate of 39.52% during the same period.
Seventh place was claimed by Abu Dhabi Islamic Bank - Egypt, achieving a composite growth rate of 36.77% during Q1 2023. The bank's net profit grew by 128.41%, while asset, deposit, and total customer loan growth rates reached 7.63%, 4.10%, and 6.92%, respectively, during the same period. Next on the list was QNB Al Ahli Bank with a composite growth rate of 36.12% during Q1 2023.
The ninth position went to Housing and Development Bank, which achieved a composite growth rate of 32.34% during Q1 2023. The bank's net profit surged by 106.94%, and asset, deposit, and total customer loan growth rates stood at 12.20%, 7.72%, and 2.51%, respectively.
Alex Bank claimed the tenth position with a composite growth rate of 30.71%, followed by Kuwait International Bank - Egypt at the eleventh position with a composite growth rate of 28.68% during Q1 2023.
It's important to note that all mentioned growth values and rates are based on separate announced financial statements of each bank as of the end of March 2023.
fastest growing banks on First Bank Composite Index inQ1-2023
| # | Bank Name | Assets | Deposits | total customer loans | Net profits | composite growth index % |
|---|---|---|---|---|---|---|
| 1 |
First Abu Dhabi Bank Egypt-FAB |
33.2 % | 36.32 % | 61.22 % | 571.81 % | 100 % |
| 2 |
Al Ahli united bank Egypt |
15.28 % | 14.17 % | 8.81 % | 277.61 % | 78.97 % |
| 3 |
Emirates NBD Egypt |
8.07 % | 4.12 % | 12.79 % | 215.94 % | 60.23 % |
| 4 |
Suez Canal Bank |
17.76 % | 14.83 % | 13.73 % | 160.58 % | 51.73 % |
| 5 |
Credit Agricole Egypt |
13.22 % | 12.18 % | 2.54 % | 151.07 % | 44.75 % |
| 6 |
Attijariwafa Bank Egypt |
4.31 % | 4.47 % | 2.85 % | 146.43 % | 39.52 % |
| 7 |
Abu Dhabi Islamic Bank-ADIB Egypt |
7.63 % | 4.1 % | 6.92 % | 128.41 % | 36.77 % |
| 8 |
Qatar National Bank-QNB  |
8.52 % | 8.85 % | 7.42 % | 119.76 % | 36.12 % |
| 9 |
Housing and Development Bank-HDB |
12.2 % | 7.72 % | 2.51 % | 106.94 % | 32.34 % |
| 10 |
Bank of Alexandria-Alex Bank |
3.39 % | 2.02 % | 1.45 % | 115.97 % | 30.71 % |
| 11 |
Al Ahli Bank of Kuwait Egypt -ABK Egypt |
5.6 % | 3.31 % | 5.82 % | 100 % | 28.68 % |
| 12 |
Export Development Bank of Egypt-EBank |
7.18 % | 10.25 % | 17.56 % | 74.01 % | 27.25 % |
| 13 |
Faisal Islamic Bank of Egypt |
9.51 % | 6.49 % | 5.15 % | 80.57 % | 25.43 % |
| 14 |
NBK Egypt |
1.68 % | 4.55 % | 7 % | 87.12 % | 25.09 % |
| 15 |
EGBANK |
15.22 % | 11.07 % | 9.2 % | 60.23 % | 23.93 % |
| 16 |
arab african international bank |
19.22 % | 19.22 % | 15.35 % | 23.66 % | 19.36 % |
| 17 |
Commercial International Bank-CIB |
7.98 % | 8.3 % | 11.33 % | 43.52 % | 17.78 % |
| 18 |
SAIB BANK |
21.23 % | 14.2 % | 9.39 % | 22.31 % | 16.78 % |
| 19 |
Banque Du Caire-BDC |
12.56 % | 6.78 % | 5.94 % | 28.78 % | 13.52 % |
| 20 |
alBaraka Bank Egypt |
6.97 % | 1.4 % | 7.31 % | 20.45 % | 9.03 % |
| 21 |
BANK NXT |
3.56 % | -3.27 % | 2.75 % | 25.14 % | 7.04 % |
| 22 |
Abu Dhabi Commercial Bank Egypt- ADCB |
-0.8 % | 1.47 % | 3.77 % | 21.98 % | 6.61 % |
