FABMISR reports net profits of EGP 8.2bn in 9M 2023

Daily News Egypt
4 Min Read

First Abu Dhabi Bank Misr (FABMISR), one of the largest banks operating in Egypt, achieved a net profit of EGP 8.2bn for the nine months ending on 30 September 2023, according to its financial statements. This represents a 206% increase from the same period in 2022.

The bank’s net loan portfolio grew by 70% compared to the end of 2022, reaching EGP 82.935bn. The total deposits also rose by 45% compared to 2022, amounting to EGP 200.377bn in September 2023. Furthermore, the bank’s total assets increased by 47% compared to the end of 2022, reaching EGP 303.119bn in the third quarter of 2023.

The bank’s net income from returns was EGP 11.099bn, showing a 120% growth compared to the period ending in September 2022. The net income from fees and commissions also increased by 40% over the same period, reaching EGP 1.466bn.

Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, said: “We are proud of the outstanding performance we have delivered over nine months in 2023, demonstrating the adaptability of our strategic approach in Egypt. This success builds on the achievements of the first half of the year, confirming 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.”

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 near 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.

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