Egypt: FABMISR reports net profits of over $264mln in 9M 2023

Egypt: FABMISR reports net profits of over $264mln in 9M 2023

First Abu Dhabi Bank Misr (FABMISR), one of the largest banks operating in Egypt, achieved a net profit of EGP 8.2bn for the nine months ending on 30 September 2023, according to its financial statements. This represents a 206% increase from the same period in 2022.

The bank’s net loan portfolio grew by 70% compared to the end of 2022, reaching EGP 82.935bn. The total deposits also rose by 45% compared to 2022, amounting to EGP 200.377bn in September 2023. Furthermore, the bank’s total assets increased by 47% compared to the end of 2022, reaching EGP 303.119bn in the third quarter of 2023.

The bank’s net income from returns was EGP 11.099bn, showing a 120% growth compared to the period ending in September 2022. The net income from fees and commissions also increased by 40% over the same period, reaching EGP 1.466bn.

Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, said: “We are proud of the outstanding performance we have delivered over nine months in 2023, demonstrating the adaptability of our strategic approach in Egypt. This success builds on the achievements of the first half of the year, confirming our ability to navigate swiftly changing circumstances. It also highlights