AAIB, Banque du Caire, Ahli United Bank, and CIB, Top fastest-growing banks in assets during H1-2023

The list of the fastest-growing banks in assets during the first half of the current year, provided by FirstBank, revealed that AAIB topped the list with a growth rate of 29%, as its portfolio size reached approximately EGP421 bn (equivalent to $13.6 bn) by the end of June 2023, compared to EGP326.4 bn (equivalent to $13.169 bn) by the end of December 2022.

First Bank list tracked the asset portfolios of 22 banks operating in the Egyptian banking sector, for which financial data was available during the analysis period. It revealed that 21 banks achieved positive growth rates in their asset sizes from January to June 2023, while one bank recorded a decline in the size of its asset portfolio during the same period.

Returning to the list, Banque du caire ranked second with a growth rate of 26.21% during the first half of the current year. Its asset portfolio rose to EGP405.9 bn by the end of June 2023, compared to EGP 321.6 bn by the end of December 2022, followed by Ahli United Bank with a growth rate of 25.53% during the same period.

Commercial International Bank (CIB) claimed the fourth position with a growth rate of 25.41% during the first half of the current year, as the bank's asset portfolio increased to EGP794.7 bn by the end of June 2023, compared to EGP633.6 bn by the end of December 2022.

Credit Agricole - Egypt secured the fifth position with a growth rate of 24.49% during the first half of the current year, with its asset portfolio reaching approximately EGP93.5 bn by the end of June 2023, compared to EGP75.1 bn by the end of December 2022. This was followed by Banque Misr with a growth rate of 22.32% during the same period of the current year.

As for the seventh position, it was obtained by saib after achieving a growth rate of 21.54% in the size of its asset portfolio during the first half of the current year, reaching EGP105.1 bn (equivalent to $3.395 bn) by the end of June 2023, compared to EGP86.5 bn (equivalent to EGP3.489 bn) by the end of December 2022.

EGBANK came in eighth place, with its asset portfolio growing at a rate of 20.03%. Its portfolio was valued at EGP104.1 bn by the end of June 2023, compared to EGP86.7 bn by the end of December 2022.

Abu Dhabi Islamic Bank - Egypt secured the ninth position after achieving a growth rate of 19.15% in its asset portfolio during the first half of the current year, increasing from EGP 115.5 bn by the end of December 2022 to EGP137.6 bn by the end of June 2023.

Suez Canal Bank claimed the tenth position with a growth rate of 16.70% during the first half of the current year, as its asset portfolio rose to EGP87.1 bn by the end of June 2023, compared to EGP 74.7 bn by the end of December 2022.

It's worth noting that all the values and growth rates mentioned in the above analysis are based on separate financial statements announced by each bank at the end of June 2023.