FABMisr, Emirates NBD, and Ahli United Bank, fastest-growing banks on First Bank Composite Growth Index

First bank composite index revealed that First Abu Dhabi Bank - Egypt led with a 100% growth rate, driven by a 317.72% increase in net profits.

Additionally, their asset portfolios, deposits, and total customer loans grew by 40.15%, 39.53%, and 65.03% respectively during the first half of 2023.

Other banks, such as Emirates NBD and Ahli United Bank, also experienced significant growth during the same period, as per the First Bank Composite Growth Index based on key financial indicators.

The list included 22 banks operating in the Egyptian banking sector, with their financial data available for analysis. All the analyzed banks achieved positive growth rates from January to June 2023.

Emirates NBD secured the second position on the index with a composite growth rate of 76.35% during the first six months of the current year.

This growth was primarily fueled by a 267.46% increase in net profits, as well as growth in asset portfolios, deposits, and total customer loans at rates of 14.56%, 12.49%, and 10.91% respectively during the same period.

Ahli United Bank claimed the third position after achieving a composite growth rate of 51.03% during the first half of 2023.

This was attributed to a 143.26% increase in the bank's net profits, along with growth rates of 25.53%, 20.83%, and 14.53% in its asset portfolios, deposits, and total customer loans respectively during the same period.

Credit Agricole Egypt secured the fourth position with a composite growth rate of 49.84%, driven by a 146.26% increase in net profits. Additionally, its asset portfolios, deposits, and total customer loans grew at rates of 24.49%, 23.96%, and 4.64% respectively during the same period.

Attijariwafa bank came in fifth place with a composite growth rate of 49.77% during the first half of the current year. Net profits played a significant role in this growth, increasing by 146.63%, along with growth rates of 22.32%, 14.88%, and 15.25% in asset portfolios, deposits, and total customer loans respectively.

 Suez Canal Bank secured the sixth position with a composite growth rate of 42.93% during the first half of 2023. This growth was primarily driven by a 134.49% increase in net profits, along with growth rates of 16.70%, 10.84%, and 9.67% in total asset portfolios, deposits, and customer loans respectively. AAIB followed closely with a composite growth rate of 42.88% during the same period.

HD Bank claimed the eighth position with a composite growth rate of 41.27%, achieving growth rates of 150.41% in net profits, and 6.79%, 1.57%, and 6.32% in asset portfolios, deposits, and total customer loans respectively during the first half of 2023.

Abu Dhabi Islamic Bank - Egypt secured the ninth position with a composite growth rate of 39% during the first half of the current year. This growth was supported by a 114.72% increase in net profits, as well as growth rates of 19.15%, 13.18%, and 8.94% in total asset portfolios, deposits, and customer loans respectively. NBK - Egypt followed with a composite growth rate of 36.59% during the same period.

 CIB- Egypt claimed the eleventh position with a composite growth rate of 36.55% in its key indicators. Ebank and ABK - Egypt also achieved growth rates of 35.43% and 30.96% respectively during the first half of 2023.

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