Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR), a subsidiary of the UAE’s First Abu Dhabi Bank Group (FAB) and one of the largest foreign banks operating in Egypt, achieved a 129% year-on-year (YoY) surge in net profit to EGP4.50 billion in 2022.

Customer deposits reached EGP 139.38 billion at FABMISR during the January-December 2022 period, resulting in a 35% increase compared to 2021.

The net value of loans increased by 11% YoY to EGP 48.91 billion in 2022, while the total assets soared by 55% to EGP 206.45 billion, according to a press release.

Net income from fees and commissions amounted to EGP 1.48 billion last year, marking a 40% jump from 2021. Meanwhile, net income from interest rose by 35% to EGP 7.08 billion.

It is worth noting that the comparative results of 2022 and 2021 are based on the figures of First Abu Dhabi Bank Egypt and Bank Audi for 2021 compared to FABMISR merged entity in 2022.

In late 2022, FABMISR announced the full integration of Bank Audi Egypt with the successful migration of all banking relationships and services under the FABMISR umbrella.

CEO and Managing Director of FABMISR, Mohamed Abbas Fayed, commented: “In a milestone year, FABMISR’s 2022 performance affirms the effectiveness of its solid strategy to expand and grow in Egypt, amid a turbulent global backdrop.”

Fayed noted: “We are committed to continuing our plans to achieve this strategy during the upcoming financial year.”

He elaborated: “To deliver on that commitment, we are keen to continue our cooperation with reputable entities to meet the needs of our customers of all segments, as well as participating in various initiatives that support the state's endeavors to achieve financial inclusion and drive economic growth further, in line with the state’s sustainable development strategy Egypt Vision 2030.”

FAB’s unit in Egypt has an expansion plan which includes the provision of integrated, tailored banking products and services, in addition to increasing the number of branches and ATMs across the Arab republic. The objective is to contribute to achieving Egypt’s financial inclusion strategy.

In mid-2022, the UAE lender FAB completed the legal merger with Bank Audi Egypt and unveiled the brand identity FABMISR.