AAIB, HD Bank, and CIB, fastest-growing banks in retail deposits during H1-2023

FirstBank list of the fastest-growing banks in retail deposits revealed that the Arab African International Bank topped the list with a growth rate of 69.91% during the first half of the current year. Its portfolio size increased to EGP 123.9 bn by the end of June 2023, compared to EGP 72.9 bn at the end of December 2022.

The list tracked the size of retail deposits portfolios at 20 banks operating in the Egyptian banking sector, for which financial data was available for analysis. It showed that 19 banks achieved positive growth rates in their retail deposits portfolios, while one bank experienced a decline in the size of its retail deposits portfolio from January to June 2023.

Returning to the list, HD Bank secured the second position after its retail deposits portfolio grew by 39.71% during the first half of the current year, reaching a total portfolio size of around EGP38 bn by the end of June 2023, up from EGP 27.2 bn at the end of December 2022.

As for the third position, it was claimed by Commercial International Bank - Egypt (CIB) after achieving a growth rate of 31.02% in its retail deposits portfolio during the first half of the current year. Its value stood at EGP 351 bn by the end of June 2023, compared to EGP267.9 bn at the end of December 2022.

Abu Dhabi Islamic Bank - Egypt secured the fourth position with a growth rate of 21.03% during the first half of the current year, as its retail deposits portfolio increased to EGP 59.8 bn by the end of June 2023, up from EGP49.4 bn at the end of December 2022.

Ahli United Bank of Egypt followed in fifth place after achieving a growth rate of 17.80% in its retail deposits portfolio during the first half of the current year, recording a value of EGP 16.5 bn by the end of June 2023, compared to EGP 14 bn at the end of December 2022. It was followed by Banque du Caire with a growth rate of 14.24% during the same period.

QNB Al Ahli came in seventh place with a growth rate of 14.23% during the first half of the current year, recording an individual deposits portfolio of EGP 165.3 bn by the end of June 2023, compared to EGP 144.7 bn at the end of December 2022.

Suez Canal Bank secured the eighth position after achieving a growth rate of 13.30% in its total retail deposits portfolio during the first half of the current year, with a value of EGP 14.5 bn by the end of June 2023, up from EGP 12.8 bn at the end of December 2022. It was followed by Ebank with a growth rate of 12.78% during the same period.

Egyptian Gulf Bank (EGBANK) achieved a growth rate of 11.35% during the first half of the current year, with its retail deposits portfolio reaching approximately EGP19.5 bn by the end of June 2023, compared to EGP17.5 bn at the end of December 2022.

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