FABMISR's Net Profit Soars 153% To EGP 26.3Bn In 2024

(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 December 2024. The results demonstrated strong and sustainable growth across all key financial indicators compared to 2023, showcasing the bank's exceptional performance and its ability to strengthen its position as a key partner in supporting the Egyptian economy. This growth also highlights the bank's commitment to providing innovative and tailored banking solutions that meet the aspirations of its clients and contribute to their financial goals.

According to the financial statements, the bank achieved significant growth in net profits, reaching EGP 26.3bn in December 2024-a 153% increase compared to 2023. After neutralizing the effect of exchange rate differences during 2024 to assess core business performance, the bank recorded a 136% growth compared to the previous year.

Net loans and advances amounted to EGP 142bn in December 2024, marking a notable 64% increase from 2023. Total customer deposits reached EGP 258.8bn, reflecting a 29% rise, while total assets surged to EGP 412.7bn, representing a 40% growth compared to the previous year.

The bank also recorded a significant increase in income sources, with net interest income reaching EGP 32bn in December 2024-a remarkable 100% increase compared to 2023. Net fee and commission income totaled EGP 2.5bn in December 2024, a 27% increase from 2023.

Additionally, total shareholders' equity increased to EGP 60.5bn in December 2024, achieving remarkable growth of 79% compared to 2023.

In this context, Mohamed Abbas Fayed, Chief Executive Officer and Managing Director of FABMISR, expressed pride in the results achieved during 2024, stating:“The strong financial results we achieved in 2024 reflect First Abu Dhabi Bank Misr's ability to adapt to various economic conditions and strengthen its position as a trusted partner and financial advisor. By leveraging our extensive regional and global network, along with our deep expertise, we connect our clients to new opportunities and guide them in overcoming challenges. It has been an exceptional year for the bank, as we achieved unprecedented growth across all key indicators, in addition to opening seven new branches as part of our expansion plans. This success is driven by our agile strategy, which focuses on innovation and financial inclusion, in line with Egypt's Vision 2030, further reinforcing our position as the largest bank operating in the Egyptian market.”

FABMISR maintains a leading position in supporting the local economy by strengthening strategic partnerships with various key players. The bank contributes to financing vital projects that drive the development of different economic sectors and promotes inclusive growth through its diverse initiatives, benefiting both individuals and institutions. These ongoing efforts underscore the bank's commitment to building a prosperous and sustainable future for the country.

FABMISR, a subsidiary of the First Abu Dhabi Bank Group (FAB), is one of the largest foreign banks operating in Egypt. FABMISR's local network operates through 72 branches, where it provides leading banking products and services that cater to all customer segments, while achieving the highest value for its stakeholders and employees.

Moreover, the bank offers a personalized banking experience to meet the varying expectations of its customers, including large organizations, SMEs, and consumers, while utilizing its global experience to support stakeholders, entrepreneurs, and the local economy.

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