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HomeBusinessFAB’s Unit in Egypt Posts 206% Higher Net Profits in 9M-23

FAB’s Unit in Egypt Posts 206% Higher Net Profits in 9M-23


First Abu Dhabi Bank Misr (FABMISR), a private bank operating in Egypt, logged net profits valued at EGP 8.20 billion in the first nine months (9M) of 2023.

The recorded net profits were higher by 206% year-on-year (YoY), according to a press release.

Net loan portfolio hit EGP 82.93 billion as of 30 September 2023, marking an annual leap of 70%.

The total deposits increased by 45% YoY to EGP 200.377 billion by the end of September 2023, while the total assets hiked by 47% YoY to EGP 303.11 billion.

Net income from returns reached EGP 11.09 billion in 9M-23, marking an increase of 120% compared to the period ending in September 2022.

In the nine-month period in 2023, the net income from fees and commissions amounted to EGP 1.46 billion, up 40% when compared to the corresponding period in 2022.

Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, said: “This success builds upon the achievements of the first half (H1) of the year, affirming our ability to navigate swiftly changing circumstances.”

“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,” Fayed added.

He stated: “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.”

Source: Zawya

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