FABMISR posts 108% YoY surge in Q1 net profit

A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015. Image used for illustrative purpose. Mohamed Abd El Ghany

Also, net Interest income surged by 90% YoY to EGP 6.1 billion in Q1 2024, while net fee and commission income grew by 10% YoY to EGP 597.5 million

Staff Writer, Arab Finance

June 2, 2024

PHOTO
A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015. Image used for illustrative purpose. Mohamed Abd El Ghany

First Abu Dhabi Bank Misr (FABMISR) has achieved a net profit of EGP 9.9 billion in the first quarter (Q1) of 2024, up by 108% year on year (YoY), as per an emailed press release.

Also, net Interest income surged by 90% YoY to EGP 6.1 billion in Q1 2024, while net fee and commission income grew by 10% YoY to EGP 597.5 million.

The bank’s net loans and advances grew by 30% to EGP 112.8 billion as compared to December 2023.

Meanwhile, customer deposits rose to EGP 276.6 billion, marking a 38% increase from December 2023.

Total assets jumped to EGP 410.2 billion, rising by 39% compared to December 2023.

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