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FABMISR delivers 108% annual leap in Q1-24 net profit

FABMISR delivers 108% annual leap in Q1-24 net profit
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Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR), the business unit of UAE-based FAB operating in Egypt, achieved a 108% year-on-year (YoY) jump in net profit to EGP 9.90 billion during the first quarter (Q1) of 2024.

FABMISR said it delivered “exceptional financial performance” for the three-month period ending 31 March 2024 while “demonstrating robust growth and resilience,” in addition to achieving “remarkable results across key indicators,” according to a press release.  

Meanwhile, after neutralising the effect of exchange rate differences in Q1-24 to assess the core business performance, FABMISR achieved a growth of 60% compared Q1-23.

The bank's total assets grew by 39% EGP 410.20 billion as of 31 March 2024 compared to the end of December 2023.

CEO and Managing Director of FABMISR, Mohamed Abbas Fayed, said: "This [performance] reflects our commitment to expanding our lending portfolio while maintaining prudent risk management practices. The growth in assets reaffirms our strong financial position and ability to effectively deploy resources in support of our strategic objectives.”

Furthermore, the net loans and advances increased by 30% to EGP 112.80 billion in Q1-24 compared to December 2023, while customer deposits rose by 38% to EGP 276.60 billion in the same timeframe.

Net interest income increased by 90% to EGP 6.10 billion in Q1-24 when compared to Q1-23, while the net fees and commission income grew 10% to EGP 597.50 million.

Fayed added: "Our robust growth across key metrics underscores our commitment to delivering value to our customers and stakeholders, as well as the trust which our customers have placed in FABMISR being their preferred banking partner.”

The CEO concluded: “Our strategy remains focused on innovation, customer-centricity, and prudent risk management which has enabled us to achieve these outstanding results."

In 2023, FAB’s unit in Egypt posted net profits of EGP 10.40 billion and its customer deposits exceeded EGP 200 billion.

Earlier in May 2024, the bank operating in Egypt expanded its branch network by opening two offices in Giza and Cairo.