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FAB’s unit in Egypt logs EGP 6.6bn profits in H1-23

FAB’s unit in Egypt logs EGP 6.6bn profits in H1-23
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Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR), a private bank operating in Egypt, witnessed 317% year-on-year (YoY) higher net profits at EGP 6.60 billion in the first half (H1) of 2023, according to the income statements. 

The subsidiary of the UAE-listed First Abu Dhabi Bank (FAB) reported customer deposits amounting to EGP 194.50 billion during H1-23, higher by 40% than the value recorded as of 31 December 2022. Meanwhile, the total loan portfolio increased by 65% to EGP 80.70 billion.

Total assets hiked by 40% to EGP 289.40 billion as of 30 June 2023 when compared to 31 December 2022.

The net fees and commissions enlarged by 36% YoY to EGP 975 million in H1-23, while the net interest income widened by 119% YoY to EGP 6.80 billion.

Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, commented: "Our performance in H1-23 reaffirms the effectiveness of our strategy to expand and grow in the Egyptian market.”

Fayed added: “ 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," the CEO indicated.

In the first quarter (Q1) of 2023, the Cairo-based lender achieved net profits amounting to EGP 4.79 billion.