FABMISR achieves outstanding performance with 160% growth in net profits for the period ended 30 September 2024
First Abu Dhabi Bank Misr (FABMISR), one of the largest banks operating in Egypt, has announced its financial results for the third quarter of 2024, highlighting exceptional growth across its key performance indicators. The bank’s net profit for the period reached EGP 21.3 billion, reflecting an impressive growth rate of 160% compared to the same period last year. After neutralizing the effect of exchange rate differences during the nine months of 2024 to assess the core business performance, the bank achieved a growth of 153% compared to the same period last year. This significant increase underscores the continued strength of FABMISR’s financial performance and its ability to drive value for stakeholders.
In terms of core financial metrics, FABMISR has demonstrated substantial growth. The bank’s net loans and advances increased by 45%, reaching EGP 125.6 billion as of September 2024, compared to the end of December 2023. Additionally, total assets grew by 39%, reaching EGP 410 billion, signaling FABMISR’s expanding footprint in the financial sector. Customers’ deposits also saw a solid rise, growing by 26% to EGP 252.2 billion, reinforcing the bank’s solid deposit base and customer trust.
FABMISR also witnessed impressive improvements in its equity position, with total shareholders’ equity surging by 62%, reaching EGP 54.5 billion. This significant growth reflects the bank’s commitment to strengthening its capital base and enhancing its financial resilience.
The bank’s strong growth trajectory is further evidenced by its impressive income figures. Net interest income surged by 113%, reaching EGP 23.7 billion compared to the same period last year. This robust increase highlights the effectiveness of FABMISR’s interest rate management and its ability to capitalize on market opportunities. Moreover, net fee and commission income rose by 31%, reaching EGP 1.9 billion, reflecting the bank’s success in diversifying its revenue streams and enhancing its fee-based services.
Commenting on the strong results, Mr. Mohamed Abbas Fayed, CEO, and Managing Director of FABMISR, said: “Our performance in Q3 2024 reflects the strength and resilience of FABMISR’s strategy, as well as our commitment to delivering value to both our customers and shareholders. The exceptional growth across our financial indicators demonstrates the success of our diversified approach and disciplined execution. As we continue to navigate Egypt’s dynamic economic landscape, we remain focused on driving operational efficiency, expanding our market presence, and fostering innovation. These results are a testament to our unwavering dedication to sustainable growth and our ability to meet the evolving needs of the market.”
These results underscore FABMISR’s disciplined approach to growth, strategic investments, and market expansion. The bank’s focus on operational excellence, stringent risk management, and sustainable growth ensures that it remains one of Egypt’s leading financial institutions, well-positioned for the future.
