FABMISR reports a Net Profit of EGP 4.79 billion in Q1 2023

 First Abu Dhabi Bank Misr (FABMISR), one of the largest private banks operating in Egypt, has reported a net profit of EGP 4.79 billion in the first quarter of 2023, marking a 572% increase compared to the same period last year.

Customer deposits reached EGP 190 billion as of March 31, 2023, recording an increase of 37% compared to December 31, 2022, while the bank’s net loan portfolio reached EGP 79 billion recording an increase of 62% compared to December 31, 2022. The bank’s total assets soared during the first quarter of this year to record EGP 275 billion marking a 33% increase compared to December 31, 2022.

As a result, Q1’23 Net interest income amounted to EGP3.22 billion with a significant increase of 131% over the same period last year. Net Income from fees and commissions grew to EGP 544 million, with a significant increase of 70% over the same period last year.

Commenting on the positive financial results, Mohamed Abbas Fayed, Chief Executive Officer, and Managing Director of FABMISR said: “The upward trajectory of the first quarter of 2023 across all indicators reflects the soundness of the bank’s strategy and its ability to positively contribute to the Egyptian banking sector, especially after the positive results achieved in the past fiscal year. Achieving such robust results indicates our commitment to delivering outstanding performance over the coming period, thus shouldering our expansion and growth plans in the Egyptian market, and increasing our ability to deliver a unique banking experience to all segments of society.”

It is worth mentioning that FABMISR had previously announced its EOY 2022 financial results, which recorded strong financial performance as a result of its ambitious and vigorous plan to expand in the Egyptian market. This was mainly driven by the bank’s commitment to delivering state-of-the-art banking solutions, integrated banking services, and innovative products to meet the needs of various customer segments. Additionally, the bank places great emphasis on social responsibility and serving the community it operates in, with a keen and constant focus on sports, art & culture, and sustainability.