After exchange rate Neutralization, "ADIB", "ABK-Egypt" and "EGBANK" the fastest growing banks in customer loans during Q1-2024
First Bank
ADIB continues to top Egyptian banks in the growth of total customer loans during Q1-2024 after exchange rate Neutralization
ABK-Egypt rose to second position with neutralizing the exchange rate, EGBANK ranked third
EGP's exchange rate compared to foreign currencies recorded remarkable changes during Q1 of this year, due to the decision of the Central Bank of Egypt in March 2024 to liberalize EGP’s exchange rate, by reducing the gap between the official and parallel market (black) and achieving greater stability in the local economy.
In view of this, banks operating in the Egyptian banking sector recorded significant growth in their portfolios in foreign currency traded in local currency, benefiting from the significant difference in the exchange rate, which was supported by the rise in total portfolios, and in order to know the real growth experienced by the banks, First Bank launches a new ratings in which it neutralizes the exchange rate.
The beginning was with the growth of the total customer loans as the "First Bank" list of the fastest growing banks in total customer loans after exchange rate neutralization during Q1 of this year revealed that Abu Dhabi Islamic Bank - Egypt "ADIB" tops the list with a growth rate of 16%, bringing the total portfolio to EGP 73.733 bn by the end of March 2024, compared to EGP 63.563 bn by the end of 2023.
The list that includes 22 banks operating in the Egyptian banking sector for which financial data were available during the period under analysis revealed 18 banks achieved positive growth rates in their total customer loan portfolios, while 4 banks recorded negative growth rates from January to March 2024.
Returning to the list, Al Ahli Bank of Kuwait -Egypt (ABK-Egypt) gained second place with growth of 12.96% during Q1 of 2024, reaching EGP 53.097 bn by the end of March 2024, compared to EGP 47.004 bn by the end of 2023, after the neutralization of the exchange rate.
EGBANK ranked third with a growth rate of 11.47% during the first 3M of this year, bringing the total portfolio size after exchange rate neutralization to EGP 53.097 bn by the end of 2023, compared to EGP 47.004 bn by the end of 2023.
Abu Dhabi Commercial Bank - Egypt "ADCB", after the total portfolio volume rose after exchange rate neutralization to EGP 39.244 bn by the end of Q1-2024, compared to EGP 35.943 bn by the end of 2023, with a growth of 9.18%.
saib clinched fifth place, with the total portfolio volume increasing by 8.30% after exchange rate neutralization, reaching EGP 46.992 bn by the end of March 2024, compared to EGP 43.393 bn by the end of 2023.
The sixth position was the share of Al Baraka Bank as its total portfolio volume rose by 6.54% after exchange rate neutralization, reaching EGP 41.115 bn by the end of March 2024, compared to EGP 38.591 bn by the end of 2023.
Housing and Development Bank ranked seventh with a growth of 5.81% after exchange rate neutralization, recording a total portfolio size of EGP 44.350 bn by the end of Q1-2024, compared to EGP 41.914 bn by the end of 2023.
It should be noted that all the above values and growth rates according to the separate financial statements announced by each bank by the end of March 2024.
Fastest growing banks in loans after Exchange rate neutralization during Q1-2024
# | Bank Name | Value during Q1-2024 | Value during 2023 | after Exchange rate neutralization |
---|---|---|---|---|
1 | Abu Dhabi Islamic Bank-ADIB Egypt | 73.733 Billion pounds | 63.563 Billion pounds | 16 % |
2 | Al Ahli Bank of Kuwait Egypt -ABK Egypt | 53.097 Billion pounds | 47.004 Billion pounds | 12.96 % |
3 | EGBANK | 35.554 Billion pounds | 31.894 Billion pounds | 11.47 % |
4 | Abu Dhabi Commercial Bank Egypt- ADCB | 39.244 Billion pounds | 35.943 Billion pounds | 9.18 % |
5 | SAIB BANK | 46.992 Billion pounds | 43.393 Billion pounds | 8.3 % |
6 | alBaraka Bank Egypt | 41.115 Billion pounds | 38.591 Billion pounds | 6.54 % |
7 | Housing and Development Bank-HDB | 44.35 Billion pounds | 41.914 Billion pounds | 5.81 % |
8 | Attijariwafa Bank Egypt | 44.748 Billion pounds | 42.658 Billion pounds | 4.9 % |
9 | Qatar National Bank-QNB | 261.868 Billion pounds | 252.468 Billion pounds | 3.72 % |
10 | Arab Investment Bank- aiBANK | 21.858 Billion pounds | 21.082 Billion pounds | 3.68 % |
11 | Commercial International Bank-CIB | 274.09 Billion pounds | 265.104 Billion pounds | 3.39 % |
12 | Suez Canal Bank | 34.73 Billion pounds | 33.772 Billion pounds | 2.84 % |
13 | Export Development Bank of Egypt-EBank | 53.795 Billion pounds | 52.357 Billion pounds | 2.75 % |
14 | Banque Du Caire-BDC | 166.284 Billion pounds | 162.11 Billion pounds | 2.58 % |
15 | Faisal Islamic Bank of Egypt | 13.75 Billion pounds | 13.47 Billion pounds | 2.08 % |
16 | arab african international bank | 148.212 Billion pounds | 147.717 Billion pounds | 0.34 % |
17 | Emirates NBD Egypt | 55.891 Billion pounds | 55.717 Billion pounds | 0.31 % |
18 | Arab Banking Corporation- ABC | 21.38 Billion pounds | 21.39 Billion pounds | -0.05 % |
19 | NBK Egypt | 75.083 Billion pounds | 75.193 Billion pounds | -0.15 % |
20 | Bank of Alexandria-Alex Bank | 57.481 Billion pounds | 58.398 Billion pounds | -1.57 % |
21 | Credit Agricole Egypt | 35.667 Billion pounds | 40.961 Billion pounds | -12.92 % |