EGBank, ADIB-Egypt, and EBank, fastest growing listed Banks in assets after exchange rate neutralization during 9M-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, listed 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 listed banks, First Bank launches a new ratings in which it neutralizes the exchange rate.

First Bank list of the fastest growing listed Banks in assets after exchange rate neutralization during 9M of this year revealed that EGBank topped the list with a growth rate after exchange rate neutralization 38.11%, recording the size of its assets portfolio equivalent to EGP 145.082 bn by the end of June 2024.

First Bank list of the fastest growing listed Banks in assets after exchange rate neutralization revealed the volume of assets of 11 listed Banks operating in the Egyptian banking sector, for which financial statements were available by the end of the period under analysis.

The list revealed 10 listed Banks achieved positive growth rates in the volume of their assets after exchange rate neutralization during 9M of this year, while 1 listed Banks experienced a decline in the volume of their portfolios from January to September 2024.

Returning to the list, ADIB ranked second after exchange rate neutralization by 30.86% in 9M of this year, after registering the volume of its assets portfolio at EGP 237.655 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 28.90% in 9M of this year, registering EGP 170.606 bn by the end of June 2024. As for the fourth position, HD Bank received a growth rate after exchange rate neutralization of 23.32% during 9M of this year, after its assets portfolio amounted to EGP 156.3 bn by the end of June 2024. SC Bank held fifth place after exchange rate neutralization by 16.50% during 9M of this year, with its assets portfolio recorded EGP 147.531 bn by the end of September 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 September 2024, and to view First Bank list of the fastest growing listed banks in assets before exchange rate neutralization, click here