Amounting To EGP 10.4 Billion, FABMISR Reports 131% Increase In Profits During FY2023

2/27/2024 4:11:57 AM

(MENAFN- Daily News Egypt) First Abu Dhabi bank Misr (FABMISR), one of the largest banks operating in Egypt, has announced its financial results for the fiscal year ending on December 31, 2023. The bank hasظ reported significant growth across multiple key indicators compared to the previous year. This growth highlights its robust performance and unwavering dedication to supporting the Egyptian economy, while providing its clients with a diverse range of distinguished banking services.

According to the financial statements, FABMISR reported significant growth in net profits, reaching EGP 10.4 billion in December 2023, marking a substantial 131% increase compared to 2022. Net loans and advances to customers amounted to EGP 86.5 billion in December 2023, indicating a notable growth of 77% from 2022. Total customers' deposits reached EGP 200.2 billion in December 2023, showcasing a 44% increase over 2022. The bank's total assets rose to EGP 295.4 billion in December 2023, marking a 43% increase from 2022.

The bank also recorded a significant increase in income sources, as the net interest income reached EGP 16 billion in December 2023, marking a prominent growth of 125% from 2022. Additionally, the total net fees and commissions income amounted to EGP 2 billion in December 2023, representing a 32% increase compared to 2022.

Mr. Mohamed Abbas Fayed, Chief Executive Officer and Managing Director of FABMISR, said,“The financial results for 2023 assert FABMISR's commitment to supporting the Egyptian economy, enhancing operational efficiency, and delivering a diverse range of services to meet the needs of its clients.”

“Through its flexible strategy, the bank has successfully achieved significant growth across all key indicators, confirming the strength of its performance. We remain dedicated to our mission of providing innovative banking solutions to drive economic growth towards achieving financial inclusion, and contributing to Egypt's Vision 2030 for sustainable development,” Fayed added.

FABMISR remains dedicated to its expansion plans by offering integrated banking products and services specifically designed to cater to diverse customer segments. The bank remains committed to supporting social responsibility initiatives, aiming to establish sustainable and long-term growth that positively impacts the community and opens promising opportunities to enhance its position in the Egyptian banking market.

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