First Abu Dhabi Bank Misr (FABMISR), one of Egypt’s leading banks, has achieved remarkable financial growth in the third quarter of 2024.
The bank’s net profit soared to EGP 21.3 billion, marking a significant 160% increase compared to the same period in 2023. Adjusting for exchange rate differences, the growth rate reached 153% during the first nine months of 2024. This performance underscores FABMISR’s strong business fundamentals and its commitment to delivering value to stakeholders.
Key Financial Achievements
Net Loans and Advances: Grew by 45%, reaching EGP 125.6 billion by September 2024.
Total Assets: Increased by 39% to EGP 410 billion, reflecting robust expansion.
Customer Deposits: Rose by 26% to EGP 252.2 billion, signifying strong customer confidence.
Shareholders’ Equity: Jumped by 62%, amounting to EGP 54.5 billion.
These figures illustrate FABMISR’s focus on core financial growth and market expansion.
Strong Income Performance
Net Interest Income: Surged by 113% to EGP 23.7 billion year-on-year.
Net Fee and Commission Income: Increased by 31%, totaling EGP 1.9 billion.
These results highlight FABMISR’s strategic diversification of revenue streams and efficient interest rate management.
CEO’s Perspective
Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, commented:
“Our Q3 2024 results demonstrate the resilience of our strategy and our commitment to delivering value to customers and shareholders.
We remain focused on operational efficiency, market presence, and innovation as key pillars of sustainable growth.”
Strategic Growth and Market Leadership
FABMISR’s exceptional performance is rooted in disciplined execution, stringent risk management, and a forward-looking approach to sustainability.
The bank’s investments in innovation and market presence further solidify its position as a leading financial institution in Egypt.
About FABMISR
FABMISR, a subsidiary of First Abu Dhabi Bank Group, operates 69 branches across Egypt, offering innovative banking products to individuals, SMEs, and large organizations. As part of one of the world’s most robust financial institutions, FABMISR leverages global expertise to support local growth while upholding sustainability and excellence.
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