EGBank, EBank, and HDB, fastest growing Banks in deposits after exchange rate neutralization during H1-2024

First Bank list of the fastest growing Banks in customer deposits after exchange rate neutralization during H1 of this year revealed that EGBANK topped the list with a growth rate after exchange rate neutralization 27.04%, recording the size of its customer deposit portfolio equivalent to EGP 116.04 bn by the end of June 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 20 Banks operating in the Egyptian banking sector, for which financial statements were available by the end of the period under analysis.

The list revealed 16 Banks achieved positive growth rates in the volume of their customer deposits after exchange rate neutralization during Q1 of this year, while 4 Banks experienced a decline in the volume of their portfolios from January to June 2024.

Returning to the list, EBank ranked second after exchange rate neutralization by 22.39% in H1 of this year, after registering the volume of its customer deposit portfolio at EGP 122.98 bn by the end of June 2024. HD Bank was third, after the volume of its customer deposits rose at a rate of growth after exchange rate neutralization reached 18.50% in H1 of this year, registering EGP 121.703 bn by the end of June 2024.

As for the fourth position, ABK-Egypt received a growth rate after exchange rate neutralization of 17.12% during H1 of this year, after its customer deposits portfolio amounted to EGP 103.804 bn by the end of June 2024.

ADIB held fifth place after exchange rate neutralization by 15.98% during H1 of this year, with its customer deposits portfolio recorded EGP 163.40 bn by the end of June 2024. AAIB ranked sixth, with the volume of its customer deposits rising at a rate of growth after exchange rate neutralization of 15.56% in the first half of this year, reaching EGP 549.9 bn by the end of June 2024.

BANK NEXT won seventh place on the list after its customer deposit portfolio rose at a growth rate after exchange rate neutralization 13.36% in the first half of this year, registering EGP 62.441 bn by the end of June 2024.

Suez Canal Bank was able to gain eighth place at a growth rate after exchange rate neutralization 11.90% during the first half of this year, after its deposits portfolio volume rose to EGP 99.09 bn by the end of June 2024.

saib ranked ninth, with the volume of its deposit portfolio rising at a growth rate after exchange rate neutralization reached 11.54% in the first half of this year, reaching EGP 110.60 bn by the end of June 2024. 

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 June 2024, and to view First Bank list of the fastest growing banks in customer deposits before exchange rate neutralization, click here