After exchange rate Neutralization, "ADIB", "ABK-Egypt" and "EGBANK" the fastest growing banks in customer loans during Q1-2024

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.