Significant changes in the top five Banks on First Bank Depositor Confidence Index

First Bank Depositor Confidence Index witnessed notable changes at the level of top five positions during the first 9M of 2023, compared to the same period in 2022, with the top five on the index as follows:

Monitoring showed that the National Bank of Egypt retained the top on the Depositor Confidence Index, following an increase in the size of its customer deposit portfolio worth EGP 361.6 bn during the first 9M of last year, reaching EGP 3.58 tn by the end of September 2023, compared to 3.22 tn by the end of December 2022, continuing to be the top of the Egyptian banking sector.

As for the second position, for the first time in its history, the Commercial International Bank ranked second, thanks to its ability to increase its customer deposit portfolio by EGP 135.8 bn in the first 9M of last year, registering about EGP 665.9 bn by the end of September 2023, compared to 530.1 bn by the end of December 2022.

Banque Misr fell back to third position on the First Bank Depositor Confidence Index, after taking the second position earlier, following the increase of its customer deposit portfolio of EGP 123.7 bn during the first 9M last year, reaching EGP 1.85 tn by the end of September 2023, compared to 1.73 tn by the end of December 2022.

While for the first time in the last 10 years, the Arab African International Bank rose to fourth position, after its customer deposits portfolio rose by EGP 108.1 bn during the first 9M of last year, registering EGP 326.4 bn by the end of September 2023, compared to 218.3 bn by the end of December 2022.

QNB Al Ahli dropped to fifth after ranking fourth, with its customer deposit portfolio rising by EGP 91.3 bn during the first 9M last year, registering EGP 498.3 bn by the end of September 2023, compared to 407.1 bn by the end of December 2022.

It is clear from the foregoing that the Commercial International Bank's recent rapid growth rates, which qualified it to take second position on the First Bank Depositor Confidence Index during the first 9M of 2023, if it continues in the coming period, the Bank is able to expand, gain more market share, achieve more spread and attract depositors. 

As deposits are the main component of the banks’ resources that tend to employ them, and increasing deposits is the first step to enhance the Bank's assets, increasing the deposit portfolio at rapid rates will drive the Bank to achieve strong increases in its future asset volume.

The rise of the AAIB to fourth position on the First Bank Depositor Confidence Index during the first 9M of 2023, instead of fifth position during the same period of 2022, is evidence of the Bank's expansion. and its successful introduction of strong saving deposits during the period under analysis, winning the confidence of a new segment of depositors, which coincided with the assumption of the new executive management of the bank led by Tamer Waheed, the CEO who took the leadership in May 2023, which led the bank to launch a range of outstanding products attractive to customer preferences In order to achieve the fastest quarterly growth in the Bank's deposit portfolio in 8 years.