FABMISR reports EGP 4.5bn net profit in 2022

FABMISR reports EGP 4.5bn net profit in 2022

First Abu Dhabi Bank Misr (FABMISR), one of the largest private banks operating in Egypt, reported a net profit of EGP4.5bn in 2022, with a record increase of 129% compared to 2021.

During FY2022, the total value of deposits stood at EGP139.38bn and was driven by a 35% increase compared to the previous year, while the net value of loans jumped 11% to record EGP 48.91bn.

As of the end of December 2022, total assets grew by 55% compared to 2021 to reach EGP 206.45bn, whereas net income from fees and commissions surged by 40% achieving EGP1.48bn. Meanwhile, net income from interest stood at EGP7.08bn to record a rise of 35% compared to FY2021. It is worth noting that the comparative results, FY2022 vs. FY2021 are based on the figures of First Abu Dhabi Bank Egypt and Bank Audi for FYE2021 vs FABMISR merged entity in 2022.

Commenting on the bank’s 2022financial results, Mohamed Abbas Fayed, Chief Executive Officer and Managing Director of FABMISR, said: “In a milestone year, FABMISR’s 2022 performance affirms the effectiveness of its solid strategy to expand and grow in Egypt, amid a turbulent global backdrop. We are committed to continuing our plans to achieve this strategy during the