Cairo: - First Abu Dhabi Bank Misr (FABMISR), one of the largest banks operating in Egypt, announced its exceptional financial performance for the first quarter ending March 2024. Demonstrating robust growth and resilience, the bank achieved remarkable results across key indicators, where its Net Profit for the indicated period reached an impressive EGP 9.9 billion, which is a remarkable 108% growth compared to March 2023. After neutralizing the effect of exchange rate differences in Q1 2024 to assess the core business performance, the bank achieved a growth of 60% compared to the same period last year.

Net Loans and Advances surged to EGP 112.8 Billion, up 30% from December 2023. Customer deposits increased to EGP 276.6 Billion, a 38% increase vs. December 2023. The bank's total assets soared to EGP 410.2 Billion, reflecting a 39% growth compared to December 2023. Net Interest Income increased to EGP 6.1 billion, an 90% increase from March 2023.

Additionally, Net Fee and Commission Income reached EGP 597.5 million, showing a steady 10% growth compared to March 2023.

Mr. Mohamed Abbas Fayed, Chief Executive Officer and Managing Director of FABMISR, expressed his views about the bank's performance, stating, "We are delighted to report such exceptional financial results for the first quarter of 2024. This reflects our commitment to expanding our lending portfolio while maintaining prudent risk management practices.

The growth in assets reaffirms our strong financial position and ability to effectively deploy resources in support of our strategic objectives.” He further added: "Our robust growth across key metrics underscores our commitment to delivering value to our customers and stakeholders, as well as the trust which our customers have placed in FABMISR being their preferred banking partner. Our strategy remains focused on innovation, customer-centricity, and prudent risk management which has enabled us to achieve these outstanding results."

FABMISR remains steadfast in its commitment to driving sustainable growth, fostering financial inclusion, and leveraging technology to enhance customer experience. The bank looks forward to building on this momentum and delivering continued value to its clients and shareholders in the coming quarters.