First Abu Dhabi Bank Misr (FABMISR), one of the largest private banks operating in Egypt, reported an annual net profit of EGP 4.5 billion ($146 million) in 2022, a 129% year-on-year increase from a year earlier.
FABMISR said the total value of deposits stood at EGP139.4 billion in 2022, driven by a 35% increase compared to the previous year, while the net value of loans jumped 11% to record EGP 48.9 billion. The bank’s total assets grew by 55% compared to 2021 to reach EGP206.45 billion as of the end of December 2022 while its net income from fees and commissions soared by 40% to EGP1.48 billion.
“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 ,” said Mohamed Abbas Fayed, CEO and Managing Director of FABMISR.
The bank registered a record net income from interest stood at EGP7.1 billion, up 35% compared to a year earlier. FABMISR said its comparative results, FY2022 vs. FY2021 are based on the figures of First Abu Dhabi Bank Egypt and Bank Audi for FY2021 vs FABMISR merged entity in 2022.
FABMISR said it 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.
The lender completed integrating banking services with Bank Audi Egypt in November 2022 and it operates 69 branches and 207 ATMs.
