FAB’s unit in Egypt posts 206% higher net profits in 9M-23

FAB’s unit in Egypt posts 206% higher net profits in 9M-23

Cairo –  First Abu Dhabi Bank Misr (FABMISR), a private bank operating in Egypt, logged net profits valued at EGP 8.20 billion in the first nine months (9M) of 2023.

The recorded net profits were higher by 206% year-on-year (YoY), according to a press release.

Net loan portfolio hit EGP 82.93 billion as of 30 September 2023, marking an annual leap of 70%.

The total deposits increased by 45% YoY to EGP 200.377 billion by the end of September 2023, while the total assets hiked by 47% YoY to EGP 303.11 billion.

Net income from returns reached EGP 11.09 billion in 9M-23, marking an increase of 120% compared to the period ending in September 2022.

In the nine-month period in 2023, the net income from fees and commissions amounted to EGP 1.46 billion, up 40% when compared to the corresponding period in 2022.

Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, said: “This success builds upon the achievements of the first half (H1) of the year, affirming our ability to navigate swiftly changing circumstances.”

“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