First Abu Dhabi Bank Misr (FABMISR), a unit of UAE’s First Abu Dhabi Bank, has posted a record 139% surge in H1 2024 net profit to EGP 15.8 billion compared to the same period a year earlier, driven by growth across the bank’s key performance indicators.
Furthermore, after neutralising the impact of exchange rate fluctuations in the six months to June 30 to evaluate the results of core activities, FABMISR reported a growth of 121% compared to H1 2023.
The bank said its net loans and advances reached EGP 121.2 billion in the January-June period, up 40% from December 2023.
FABMISR’s assets reached EGP 429.9 billion in the period under review, a 46% increase from December 2023. Customers’ deposits rose by 39% to EGP 278.7 billion compared to December 2023.
The bank’s net interest income surged by 116% to EGP 14.6 billion in the first half of the year, while net fees and commissions income rose by 30% to EGP 1.3 billion compared to H1 2023.
“The significant increase in our key financial metrics underscores our strong market position and our capability to navigate Egypt’s evolving economic landscape. We remain focused on leveraging our strengths, driving operational excellence, and pursuing sustainable growth opportunities to create long-term value for our stakeholders,” said Mohamed Abbas Fayed, CEO and Managing Director of FABMISR.
The bank’s robust performance in H1 2024 underscores its systematic approach and strategic investments, which continue to strengthen its position as a leading financial institution in Egypt.
FABMISR’s emphasis on expanding market presence, maintaining stringent risk management and optimising operational efficiency has proven successful in generating significant value.
The bank operates a network of 68 branches, providing innovative banking products and services that cater to all customer segments.
FAB is rated Aa3, AA- and AA- by Moody’s, S&P Global and Fitch Ratings, respectively, making it the most robust aggregate rating of banks in the Middle East and North Africa region.
