First Abu Dhabi Bank Misr profits surge 139% to $323mln in H1 2024

PHOTO

First Abu Dhabi Bank Misr (FABMISR) has announced strong financial results for the first half of 2024 (H1 2024), with net profit reaching EGP 15.8bn, representing a significant 139% increase compared to the same period last year.

The bank’s performance, which was driven by robust growth across key performance indicators, also reflects a 121% growth rate in core activities after neutralizing the impact of exchange rate fluctuations.

By June 2024, FABMISR reported net loans and advances totaling EGP 121.2bn, a 40% increase compared to December 2023. Total assets reached EGP 429.9bn, marking a 46% increase compared to the same period. Customers’ deposits also saw notable growth, rising to EGP 278.7bn, a 39% increase compared to December 2023.

The bank’s net interest income reached EGP 14.6bn, demonstrating an impressive growth rate of 116%. Additionally, net fees and commission income grew to EGP 1.3bn, representing a 30% increase compared to the same period last year.

“We are grateful for our robust performance during H1 2024,” commented Mohamed Abbas Fayed, CEO and Managing Director of FABMISR. “This highlights the success of our growth strategy and our dedication to offering innovative financial solutions to our clients. 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.”

FABMISR’s strong financial results demonstrate a disciplined approach and strategic investments, solidifying its position as a leading financial institution in Egypt.

The bank’s emphasis on expanding market presence, maintaining stringent risk management, and optimizing operational efficiency has proven successful in generating significant value. This performance underscores the bank’s ability to navigate a dynamic economic environment while remaining committed to its long-term objectives.