(MENAFN- Daily News Egypt) 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 upcoming financial year. To deliver on that commitment, we are keen to continue our cooperation with reputable entities to meet the needs of our customers of all segments, as well as participating in various initiatives that support the state's endeavors to achieve financial inclusion and drive economic growth further, in line with the state's sustainable development strategy 'Egypt Vision 2030'. We are proud of our performance and increase in annual profits which were mainly driven by our solid operational performance across all segments, and reflecting the soundness of our prudent strategy in Egypt and solid financial position.”
FABMISR has a well-thought-out expansion plan that focuses on offering integrated banking products and services tailored to customers of all segments, as well as increasing the number of branches and ATMs across Egypt; contributing to achieving the state's financial inclusion strategy.
Moreover, FABMISR's social responsibility strategy features great support for various fields, especially sports, art, culture and sustainability. The bank follows a flexible strategy that is able to cope with the rapid economic changes, the exchange rate, and the future of interest witnessed locally and globally.
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