AAIB and ABK-Egypt, fastest growing Banks in deposits after exchange rate neutralization

First Bank list of the fastest growing Banks in customer deposits after exchange rate neutralization during Q1 of this year revealed that the Arab African International Bank topped the list with a growth rate after exchange rate neutralization 14.58%, recording the size of its customer deposit portfolio equivalent to EGP 484.87 bn by the end of March 2024. 

This ranking shows the real growth of the Banks’ customer deposits portfolios, especially after the fall in the value of the Egyptian pound against foreign currencies in the light of the reform decisions of the Central Bank of Egypt, which resulted in a rise in the exchange rate of the dollar from EGP 30.93 by the end of December 2023 to EGP 47.26 by the end of March 2024.

First Bank list of the fastest growing Banks in customer deposits after exchange rate neutralization revealed the volume of deposits of 21 Banks operating in the Egyptian banking sector, for which financial statements were available by the end of the period under analysis.

The list revealed 13 Banks achieved positive growth rates in the volume of their customer deposits after exchange rate neutralization during Q1 of this year, while 8 Banks experienced a decline in the volume of their portfolios from January to March 2024.

Returning to the list, ABK-Egypt ranked second after exchange rate neutralization by 8.25% in Q1 of this year, after registering the volume of its customer deposit portfolio at EGP 95.87 bn by the end of March 2024. EGBANK was third, after the volume of its customer deposits rose at a rate of growth after exchange rate neutralization reached 7.09% in Q1 of this year, registering EGP 98.14 bn by the end of March 2024.

As for the fourth position, saib received a growth rate after exchange rate neutralization of 5.65% during Q1 of this year, after its customer deposits portfolio amounted to EGP 104.41 bn by the end of March 2024.

EBank held fifth place after exchange rate neutralization by 5.17% during Q1 of this year, with its customer deposits portfolio recorded EGP 107.92 bn by the end of March 2024. QNB ranked sixth, with the volume of its customer deposits rising at a rate of growth after exchange rate neutralization of 5% in the first quarter of this year, reaching EGP 622.01 bn by the end of March 2024.

Suez Canal Bank won seventh place on the list after its customer deposit portfolio rose at a growth rate after exchange rate neutralization 4.74% in the first quarter of this year, registering EGP 93.63 bn by the end of March 2024.

Housing and Development Bank was able to gain eighth place at a growth rate after exchange rate neutralization 3.62% during the first quarter of this year, after its deposits portfolio volume rose to EGP 106.49 bn by the end of March 2024, followed by National Bank of Kuwait-Egypt at a growth rate after the exchange rate neutralization 3.16% during the same period.  

Abu Dhabi Islamic Bank - Egypt (ADIB) ranked tenth, with the volume of its deposit portfolio rising at a growth rate after exchange rate neutralization reached 2.03% in the first quarter of this year, reaching EGP 143.44 bn by the end of March 2024, followed by aiBANK at a growth rate after exchange rate neutralization of the 1.19% during the same period. 

It should be noted that all the above values and growth rates according to the separate financial statements announced to each bank by the end of March 2024, and to view First Bank list of the fastest growing banks in customer deposits before exchange rate neutralization, click here.