EGPs exchange rate compared to foreign currencies recorded remarkable changes during Q1 of this year, due to t

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

FirstBank

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
Abu Dhabi Islamic Bank-ADIB Egypt
73.733 Billion pounds 63.563 Billion pounds 16 %
2 Al Ahli Bank of Kuwait Egypt -ABK Egypt
Al Ahli Bank of Kuwait Egypt -ABK Egypt
53.097 Billion pounds 47.004 Billion pounds 12.96 %
3 EGBANK
EGBANK
35.554 Billion pounds 31.894 Billion pounds 11.47 %
4 Abu Dhabi Commercial Bank Egypt- ADCB
Abu Dhabi Commercial Bank Egypt- ADCB
39.244 Billion pounds 35.943 Billion pounds 9.18 %
5 SAIB BANK
SAIB BANK
46.992 Billion pounds 43.393 Billion pounds 8.3 %
6 alBaraka Bank Egypt
alBaraka Bank Egypt
41.115 Billion pounds 38.591 Billion pounds 6.54 %
7 Housing and Development Bank-HDB
Housing and Development Bank-HDB
44.35 Billion pounds 41.914 Billion pounds 5.81 %
8 Attijariwafa Bank Egypt
Attijariwafa Bank Egypt
44.748 Billion pounds 42.658 Billion pounds 4.9 %
9 Qatar National Bank-QNB
Qatar National Bank-QNB
261.868 Billion pounds 252.468 Billion pounds 3.72 %
10 Arab Investment Bank- aiBANK
Arab Investment Bank- aiBANK
21.858 Billion pounds 21.082 Billion pounds 3.68 %
11 Commercial International Bank-CIB
Commercial International Bank-CIB
274.09 Billion pounds 265.104 Billion pounds 3.39 %
12 Suez Canal Bank
Suez Canal Bank
34.73 Billion pounds 33.772 Billion pounds 2.84 %
13 Export Development Bank of Egypt-EBank
Export Development Bank of Egypt-EBank
53.795 Billion pounds 52.357 Billion pounds 2.75 %
14 Banque Du Caire-BDC
Banque Du Caire-BDC
166.284 Billion pounds 162.11 Billion pounds 2.58 %
15 Faisal Islamic Bank of Egypt
Faisal Islamic Bank of Egypt
13.75 Billion pounds 13.47 Billion pounds 2.08 %
16 arab african international bank
arab african international bank
148.212 Billion pounds 147.717 Billion pounds 0.34 %
17 Emirates NBD Egypt
Emirates NBD Egypt
55.891 Billion pounds 55.717 Billion pounds 0.31 %
18 Arab Banking Corporation- ABC
Arab Banking Corporation- ABC
21.38 Billion pounds 21.39 Billion pounds -0.05 %
19 NBK Egypt
NBK Egypt
75.083 Billion pounds 75.193 Billion pounds -0.15 %
20 Bank of Alexandria-Alex Bank
Bank of Alexandria-Alex Bank
57.481 Billion pounds 58.398 Billion pounds -1.57 %
21 Credit Agricole Egypt
Credit Agricole Egypt
35.667 Billion pounds 40.961 Billion pounds -12.92 %