Credit Agricole Bank, HD Bank, and EBank, Fastest growing listed banks on FirstBank composite growth index At 9M-2023

First Bank composite growth index for listed banks revealed Credit Agricole – Egypt topping the list with a composite growth rate of 53.60% in the first 9 months of this year.

This was driven by a net profit growth of 137.19%, with total asset, deposit, and customer loan portfolios growing at rates of 33.64%, 33.50%, and 10.07%, respectively.

The index, based on the Egyptian Stock Exchange, ranks listed banks using a composite rate that includes sub-indices related to net profit growth, asset growth, and the growth of total loan and deposit portfolios from January to September 2023.

The list included 11 banks listed on the Egyptian Stock Exchange as of the end of June. All banks analyzed achieved positive growth rates during the first 9 months of the current year.

Returning to the list, the second position was secured by Housing and Development Bank with a composite growth rate of 46.36%, primarily fueled by a net profit growth of 152.16%, along with growth in total assets, customer loans, and deposits at rates of 14.23%, 12.30%, and 6.73%, respectively.

Egyptian Export Development Bank “EBank” claimed the third position with a composite growth rate of 45.33%, attributed to a net profit growth of 128.45%, and growth in total customer loan, deposit, and asset portfolios at rates of 20.67%, 18.29%, and 13.89%, respectively.

Abu Dhabi Islamic Bank – Egypt “ADIB” secured the fourth position with a composite growth rate of 44.26%, driven by a net profit growth of 121.93%, along with growth in total asset, deposit, and customer loan portfolios at rates of 27.29%, 17.97%, and 9.84%, respectively.

The fifth position went to Commercial International Bank – Egypt “CIB” with a composite growth rate of 36.93%, primarily influenced by a net profit growth of 78.05% in the first 9 months of the current year, accompanied by growth in total asset, deposit, and customer loan portfolios at rates of 27.63%, 25.61%, and 16.41%, respectively.

It’s worth noting that all growth rates mentioned in the analysis are based on separate financial statements announced by each bank as of September 2023.