Alex Bank, Banque du caire, Faisal Bank, and alBaraka Bank: Most Focused on Savings Certificates

According to FirstBank list of banks with the highest focus on savings certificates and deposits at the end of the first quarter of this year, Alex Bank topped the list. The bank's savings certificates portfolio accounted for 44.81% of its total deposits amounting to EGP112.9 bn by the end of March 2023. Additionally, the portfolio of savings certificates and deposits reached EGP50.6 bn by the same period.

The list reveals the banks' strategies in forming their deposit portfolios among 19 active banks in the Egyptian banking sector, based on financial data available for analysis. Specifically, the focus is on the issuance of savings certificates and deposits to attract more customers. The list uses the criterion of (savings certificates and deposits/total deposits) to provide an indicator of the bank's concentration on savings certificates and deposits.

Banque du caire claimed the second spot with 36.22% of its deposit portfolio, valued at EGP267 bn, focused on savings certificates and deposits, totaling EGP96.7 bn by the end of March 2023. Following closely, Faisal Islamic Bank held a 34.70% concentration at the same period.

Moving to the fourth place, alBaraka Bank secured its position with a 34.62% concentration of its deposit portfolio in savings certificates and deposits, amounting to around EGP75.5 bn. The value of its savings certificates and deposits stood at EGP26.1 bn by the end of March 2023.

In the fifth position, Abu Dhabi Islamic Bank - Egypt focused 27.20% of its total deposits, valued at EGP101.7 bn, on its savings certificates and deposits, which reached EGP 27.7 bn by March 2023.

Commercial International Bank (CIB) ranked sixth, with its savings certificates and deposits portfolio accounting for 25.31% of its total deposits, valued at EGP574.1 bn. The value of its savings certificates and deposits reached EGP145.3 bn by the end of March 2023. QNB Al Ahli followed with 19.93% concentration during the same period.

In the eighth spot, Attijariwafa Bank held a 19.09% concentration of its deposit portfolio in savings certificates and deposits by the end of the first quarter of 2023, followed by aiBANK in the ninth place with a 17.84% concentration by the end of the current year's same period.

ABK- Egypt secured the tenth place, with 17.56% of its deposit portfolio focused on savings certificates and deposits. The total value of its deposit portfolio amounted to around EGP 64.3 bn, while the savings certificates and deposits reached EGP 12 bn by March 2023.

It's worth mentioning that the values and concentration percentages mentioned in the analysis are based on separate financial statements declared by each bank at the end of March 2023.