FABMISR’s net profit jumps 131% YoY in 2023

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First Abu Dhabi Bank Misr (FABMISR) reported a 131% year-on-year surge in 2023 net profits, registering EGP 10.4 billion, according to an emailed press release.

The bank provided net loans to customers of EGP 86.5 billion last year, marking a 77% YoY growth.

Meanwhile, the bank’s total customer deposits grew by 44% YoY to EGP 200.2 billion.

As for the bank’s total assets, they jumped by 43% YoY, standing at EGP 295.4 billion in December 2023.

“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 client,” the bank’s CEO and Managing Director Mohamed Abbas Fayed commented.

In an interview with Asharq Business, Fayed attributed the growth witnessed by FABMISR’s loan portfolio to the higher financial needs in the market amid the increasing prices.

He also noted that the loans were mostly directed toward the enterprise sector, especially construction firms.