ABK-Egypt, EGBank, and EBank, fastest growing Banks in assets after exchange rate neutralization during H1-2024

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.

First Bank list of the fastest growing Banks in assets after exchange rate neutralization during H1 of this year revealed that ABK-Egyp topped the list with a growth rate after exchange rate neutralization 28.55%, recording the size of its assets portfolio equivalent to EGP 127.357 bn by the end of June 2024.

  First Bank list of the fastest growing Banks in assets after exchange rate neutralization revealed the volume of assets 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 assets after exchange rate neutralization during H1 of this year, while 4 Banks experienced a decline in the volume of their portfolios from January to June 2024.

Returning to the list, EGBANK ranked second after exchange rate neutralization by 26.95% in H1 of this year, after registering the volume of its assets portfolio at EGP 138.480 bn by the end of June 2024. 

EBank was third, after the volume of its assets rose at a rate of growth after exchange rate neutralization reached 20.22% in H1 of this year, registering EGP 157.993 bn by the end of June 2024. As for the fourth position, HD Bank received a growth rate after exchange rate neutralization of 17.65% during H1 of this year, after its assets portfolio amounted to EGP149.981 bn by the end of June 2024. ADIB held fifth place after exchange rate neutralization by 16.13% during H1 of this year, with its assets portfolio recorded EGP 208.908 bn by the end of June 2024. AAIB ranked sixth, with the volume of its assets rising at a rate of growth after exchange rate neutralization of 11.51% in the first half of this year, reaching EGP 760.408 bn by the end of June 2024.

BANK NEXT won seventh place on the list after its assets portfolio rose at a growth rate after exchange rate neutralization 9.85% in the first half of this year, registering EGP 73.863 bn by the end of June 2024.

Suez Canal Bank was able to gain eighth place at a growth rate after exchange rate neutralization 9.84% during the first half of this year, after its assets portfolio volume rose to EGP 139.095 bn by the end of June 2024.

saib ranked ninth, with the volume of its assets 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 assets before exchange rate neutralization, click he