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FAB’s unit in Egypt records 131% leap in 2023 profits

FAB’s unit in Egypt records 131% leap in 2023 profits
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Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR), a business of the UAE listed FAB operating in Egypt, achieved a 131% year-on-year (YoY) jump in net profit to EGP 10.40 billion in 2023, according to the financial statements.

The net loans and advances to customers increased by 77% to EGP 86.50 billion at the end of December 2023 when compared to the year-ago period.

Total customers’ deposits also grew on an annual basis by 44% to hit EGP 200.20 billion in 2023.

Furthermore, the total assets of FABMISR soared by 43% YoY to EGP 295.40 billion as of 31 December 2023.

CEO and Managing Director of FABMISR, Mohamed Abbas Fayed, said: "The financial results for 2023 assert FABMISR's commitment to supporting the Egyptian economy, enhancing operational efficiency, and delivering a diverse range of services to meet the needs of its clients.”

The private bank witnessed a solid growth in income sources, as the net interest income stood at EGP 16 billion last year, after jumping 125% YoY.

The total net fees and commission income also rose by 32% annually to hit EGP 2 billion.

Fayed noted: “Through its flexible strategy, the bank has successfully achieved a significant growth across all key indicators, confirming the strength of its performance.”

The CEO concluded: “We remain dedicated to our mission of providing innovative banking solutions to drive economic growth towards achieving financial inclusion, and contributing to Egypt's Vision 2030 for sustainable development.”

In the first nine months (9M) of 2023, FABMISR generated net profits worth EGP 8.20 billion and total deposits of EGP 200.377 billion.