FABMISR Records Net Profits of EGP 8.2 Billion in 9M 2023

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First Abu Dhabi Bank Misr (FABMISR), one of Egypt’s leading financial institutions, has reported a notable achievement with a net profit of EGP 8.2 billion for the nine-month period ending on September 30, 2023, according to the bank’s financial statements. This reflects an impressive 206% increase compared to the same period in 2022.

The bank’s positive performance is attributed to several key factors. Notably, the net loan portfolio experienced a substantial 70% growth, reaching EGP 82.935 billion compared to the end of 2022. Total deposits also demonstrated significant growth, rising by 45% from 2022 to reach EGP 200.377 billion in September 2023. Furthermore, the bank’s total assets experienced a robust 47% increase compared to the end of 2022, reaching EGP 303.119 billion in the third quarter of 2023.

Key financial indicators underline the bank’s success, with net income from returns totaling EGP 11.099 billion, showcasing a remarkable 120% growth compared to the period ending in September 2022. Additionally, net income from fees and commissions witnessed a substantial 40% increase over the same period, reaching EGP 1.466 billion.

Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, expressed pride in the outstanding performance achieved over the nine months of 2023. He highlighted the bank’s adaptability in navigating changing circumstances and reiterated the significant potential of the Egyptian market and the resilience of its economy.

Fayed emphasized the bank’s commitment to sustaining this positive momentum and outlined its vision for future growth and enhanced performance. 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.”

The results for the nine-month period align with the growth observed in the first quarter and half of the year, reflecting the bank’s dedication to meeting the diverse needs of its customers across different segments. The bank’s commitment to providing the latest integrated banking services and products, tailored to each customer category, has been instrumental in this success. Additionally, strategic geographical expansion, such as the recent opening of a new branch in the Suez Canal Economic Zone, reflects the bank’s commitment to modern and efficient banking services.