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FAB’s unit in Egypt witnesses 572% leap in Q1-23 net profits

FAB’s unit in Egypt witnesses 572% leap in Q1-23 net profits
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Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR), a private bank operating in Egypt and the subsidiary of the UAE listed First Abu Dhabi Bank (FAB), generated EGP 4.79 billion worth of net profits in the first quarter (Q1) of 2023.

The positive results of FABMISR in January-March 2023 marked a 572% jump compared to Q1-22, according to a press release.

Net interest income surged by 131% to EGP3.22 billion in Q1-23, compared with the same period in 2022.

Furthermore, the net income from fees and commissions also increased by 70% on an annual basis to EGP 544 million in Q1-23.

Third Quarter Compared to 2022-end

Customer deposits soared by 37% to total EGP 190 billion as of 31 March 2023 when compared to 31 December 2022.

The bank’s net loan portfolio also increased by 62% to EGP 79 billion at the end of Q1-23, compared with 31 December 2022.

Total assets rose by 33% to EGP 275 billion as of 31 March this year in comparison with 31 December 2022.

Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, said: “The upward trajectory of Q1-23 across all indicators reflects the soundness of the bank’s strategy and its ability to positively contribute to the Egyptian banking sector, especially after the positive results achieved in the past fiscal year.”

Fayed added: “Achieving such robust results indicates our commitment to delivering outstanding performance over the coming period, thus shouldering our expansion and growth plans in the Egyptian market, and increasing our ability to deliver a unique banking experience to all segments of society.”

In 2022, the financial results of FABMISR indicated a 129% year-on-year (YoY) increase in net profit to EGP4.50 billion in 2022.

As for the Q1-23 results of the parent banking group, FAB, the entity posted net profits attributable to the shareholders worth AED 3.92 billion.