FABMISR reports net profits of EGP 8.2bln for nine-month period ending in September 2023

 First Abu Dhabi Bank Misr (FABMISR), one of the largest banks operating in Egypt, reported net profits of EGP 8.2 billion, as per financial statements ending on September 30th, up by 206% from the corresponding period in 2022.

The net loan portfolio's value recorded EGP 82.935 billion, a 70% increase compared to the end of 2022. The total deposits reached EGP 200.377 billion by the end of September 2023, marking a rise of 45% compared to 2022. In addition, the bank's total assets amounted to EGP 303.119 billion by the end of 3Q of 2023, showcasing a growth of 47% compared to the end of 2022.

Net income from returns reached EGP 11.099 billion, marking an increase of 120% compared to the period ending in September 2022. Moreover, net income from fees and commissions experienced growth over a nine-month period ending in September 2023, reaching EGP 1.466 billion, recording a 40% increase over the corresponding period in 2022.

Mr. Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, said: “We take pride in the exceptional performance we have accomplished over the nine-month period in 2023, underscoring the adaptability of our strategic approach in Egypt. This success builds upon the achievements of the first half of the year, affirming our ability to navigate swiftly changing circumstances. It also highlights the significant potential of the Egyptian market and the resilience of the Egyptian economy in the face of global challenges. The remarkable 206% increase in profits over the same period last year is a testament to our deep understanding of the Egyptian banking sector gained through close experience.”

Mr. Fayed expressed the bank's commitment to sustaining this positive momentum, outlining its vision for future growth and enhanced performance. He stated, "We are determined to continue our strategic approach, aiming for even more distinguished results as we conclude the year. Our overarching goal is to expand and thrive in the Egyptian market, catering to diverse segments of society. We believe that our efforts will contribute positively to the prosperity of the Egyptian banking sector and, by extension, the country's economy.”

FABMISR’s nine-month period results are in line with the performance growth observed in the first quarter and half of the year. This achievement is a testament to the bank's dedication to meeting the diverse needs of its customers across different segments, enhancing its overall performance.