Cairo –August 2023: First Abu Dhabi Bank Misr, (FABMISR), one of the largest private banks operating in Egypt, has announced the H1 2023 results, recording a net profit of EGP 6.6 billion. This signifies a remarkable growth rate of 317%, compared to the corresponding period in 2022.
In the first half of the current year, the total value of customer deposits reached EGP 194.5 billion, representing a significant surge of 40% compared to December 2022. Concurrently, the total loan portfolio stood at EGP 80.7 billion, indicating a substantial increase of 65% versus December 2022. Moreover, the bank’s total assets experienced remarkable growth, reaching EGP 289.4 billion, marking a significant increase of 40% compared to December 2022.
The net interest income recorded EGP 6.8 billion, demonstrating a 119% increase in June 2023, compared to the same period last year. Additionally, the net fees and commissions reached EGP 975 million, representing an increase of 36% compared to the same period last year.
Commenting on FABMISR’s financial results, Mohamed Abbas Fayed, Chief Executive Officer, and Managing Director of FABMISR commented: “Our performance in H1 2023 reaffirms the effectiveness of our strategy to expand and grow in the Egyptian market. The results highlighted our operational adaptability and commitment to boosting Egypt’s financial sector. Driven by our confidence in the robustness and expansive possibilities of the economy, our commitment firmly remains focused on elevating the banking experience for our esteemed customers, while also striving to enrich societal services. In doing so, we embrace the implementation of our sustainable development strategy, towards ‘Egypt Vision 2030.”
As a leading financial institution, FABMISR maintains a flexible approach in navigating dynamic shifts in the local and global economy. The bank’s sound financial results reaffirm its proactive strategy to address the multifaceted needs of the Egyptian market, which is enabled through its strategic focus on innovative solutions specifically designed to meet various customer segments.