Cairo: First Abu Dhabi Bank Misr (FABMISR), one of the largest banks operating in Egypt, reported net profits of EGP 8.2 billion, as per financial statements ending on September 30th, up by 206% from the corresponding period in 2022.
The net loan portfolio's value recorded EGP 82.935 billion, a 70% increase compared to the end of 2022. The total deposits reached EGP 200.377 billion by the end of September 2023, marking a rise of 45% compared to 2022. In addition, the bank's total assets amounted to EGP 303.119 billion by the end of 3Q of 2023, showcasing a growth of 47% compared to the end of 2022.
Net income from returns reached EGP 11.099 billion, marking an increase of 120% compared to the period ending in September 2022. Moreover, net income from fees and commissions experienced growth over a nine-month period ending in September 2023, reaching EGP 1.466 billion, recording a 40% increase over the corresponding period in 2022.
Mr. Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, said: “We take pride in the exceptional performance we have accomplished over the nine-month period in 2023, underscoring the adaptability of our strategic approach in Egypt. This success builds upon the achievements of the first half of the year, affirming our ability to navigate swiftly changing circumstances. It also highlights the significant potential of the Egyptian market and the resilience of the Egyptian economy in the face of global challenges. The remarkable 206% increase in profits over the same period last year is a testament to our deep understanding of the Egyptian banking sector gained through close experience.”
Mr. Fayed expressed the bank's commitment to sustaining this positive momentum, outlining its vision for future growth and enhanced performance. He stated, "We are determined to continue our strategic approach, aiming for even more distinguished results as we conclude the year. Our overarching goal is to expand and thrive in the Egyptian market, catering to diverse segments of society. We believe that our efforts will contribute positively to the prosperity of the Egyptian banking sector and, by extension, the country's economy.”
FABMISR’s nine-month period results are in line with the performance growth observed in the first quarter and half of the year. This achievement is a testament to the bank's dedication to meeting the diverse needs of its customers across different segments, enhancing its overall performance.
This success is underpinned by the bank's commitment to providing the latest integrated banking services and products tailored to each customer category. Additionally, the bank has strategically pursued geographical expansion to be in close proximity to all its customers. A recent milestone in this expansion strategy is the opening of a new branch in the Suez Canal Economic Zone. This branch operates from the heart of one of Egypt's most prominent economic and commercial centers and is equipped with the latest technological solutions, reflecting the bank's commitment to modern and efficient banking services.
FABMISR, a subsidiary of the First Abu Dhabi Bank Group (FAB), is one of the largest foreign banks operating in Egypt. FABMISR’s local network operates through 63 branches, where it provides leading banking products and services that cater to all customer segments; along with achieving the highest value for its stakeholders and employees. Moreover, the bank offers a personalized banking experience to meet the various expectations of its customers from large organizations, SMEs and consumers whilst utilizing its global experience to support stakeholders, entrepreneurs and the local economy.
FAB is one of the world’s largest and safest financial institutions with an international network spanning over five continents. The bank also offers global relationships, extensive experience, and financial strength to support local, regional, and international companies seeking to manage their businesses at home and abroad.
FAB is rated Aa3, AA- and AA- by Moody's, Standard & Poor's (S&P, and Fitch, respectively), making it the most robust aggregate rating of banks in the Middle East and North Africa region. FAB is also a regional leader in sustainability and is part of the MSCI ESG Leaders Index and FTSE4Good EM.
For more information on FABMISR, please visit https://www.fabmisr.com.eg/en/