After exchange rate Neutralization, "ABK-Egypt", "ADIB" and "saib" the fastest growing banks in customer loans during H1-2024

EGP's exchange rate compared to foreign currencies recorded remarkable changes during H1 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 ABK-Egypt tops the list with a growth rate of 24.76 %, bringing the total portfolio to EGP 58.639 bn by the end of June 2024, compared to EGP 47.003 bn by the end of 2023. The list that includes 20 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 2 banks recorded negative growth rates from January to June 2024. Returning to the list, ADIB gained second place with growth of 23.52% during H1 of 2024, reaching EGP 78.510 bn by the end of June 2024, compared to EGP 63.56 bn by the end of 2023, after the neutralization of the exchange rate.  saib ranked third with a growth rate of 16.23% during the first 6M of this year, bringing the total portfolio size after exchange rate neutralization to EGP 50.436 bn by the end of June 2024, compared to EGP 43.392 bn by the end of 2023. NBK – Egypt clinched Forth place, with the total portfolio volume increasing by 13.3% after exchange rate neutralization, reaching EGP 85.204 bn by the end of June 2024, compared to EGP  75.193 bn by the end of 2023.  EGBANK ranked Fifth, after the total portfolio volume rose after exchange rate neutralization to EGP 35.886 bn by the end of H1-2024, compared to EGP 31.894 bn by the end of 2023, with a growth of 12.52%. HD Bank clinched Sixth place, with the total portfolio volume increasing by 10.2% after exchange rate neutralization, reaching EGP 50.763 bn by the end of June 2024, compared to EGP 41.914 bn by the end of 2023.  The Seventh position was the share of Emirates NBD as its total portfolio volume rose by 10.68% after exchange rate neutralization, reaching EGP 61.665 bn by the end of June 2024, compared to EGP 55.716 bn by the end of 2023.  Bank NXT ranked Eigth with a growth of 9.96% after exchange rate neutralization, recording a total portfolio size of EGP 23.180 bn by the end of H1-2024, compared to EGP 21.08 bn by the end of 2023. CIB clinched Ninth place, with the total portfolio volume increasing by 9.31% after exchange rate neutralization, reaching EGP 289.787bn by the end of June 2024, compared to EGP 265.103 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 June 2024