Egypt’s FABMISR reports 131% increase in full-year profit

The bank’s total assets rose to EGP 295.4 billion in December 2023, a 43% increase from 2022

First Abu Dhabi Bank Misr (FABMISR) has reported a significant growth in net profits in 2023 to reach EGP 10.4 billion a 131% increase compared to a year earlier.

The bank has reported significant growth across multiple key indicators compared to the previous year. The growth highlights the bank’s robust performance and unwavering dedication to supporting the Egyptian economy while providing its clients with a diverse range of distinguished banking services.

Net loans and advances to customers amounted to EGP 86.5 billion in 2023, indicating a notable growth of 77% while customers’ deposits jumped 44% to EGP 200 billion.

The bank’s total assets rose to EGP 295.4 billion in December 2023, a 43% increase from 2022.

FABMISR posted a significant increase in income sources, as the net interest income reached EGP 16 billion in December 2023, marking a prominent growth of 125% from 2022. Furthermore, the total net fees and commission income amounted to EGP 2 billion in December 2023, representing a 32% increase compared to 2022.

“The financial results for 2023 assert FABMISR’s commitment to supporting the Egyptian economy, enhancing operational efficiency, and delivering a diverse range of services to meet the needs of its clients,” said Mohamed Abbas Fayed, CEO and Managing Director of FABMISR.

“We remain dedicated to our mission of providing innovative banking solutions to drive economic growth towards achieving financial inclusion and contributing to Egypt’s Vision 2030 for sustainable development.”

FABMISR remains dedicated to its expansion plans by offering integrated banking products and services to cater to diverse customer segments.

The bank remains committed to supporting social responsibility initiatives, aiming to establish sustainable and long-term growth that positively impacts the community and opens promising opportunities to enhance its position in the Egyptian banking market.