FABMISR reports record-breaking net profit surge in Q1 2024 – Dailynewsegypt
First Abu Dhabi Bank Misr (FABMISR), a prominent bank operating in Egypt, recently announced its exceptional financial performance for the first quarter ending in March 2024. Demonstrating robust growth and resilience, the bank achieved remarkable results across key indicators. Let’s dive into the details:
- Net Profit: FABMISR’s net profit for Q1 2024 reached an impressive EGP 9.9 billion, marking a remarkable 108% growth compared to the same period in March 2023. After adjusting for exchange rate differences, the core business performance showed a substantial 60% growth year-on-year.
- Loan Portfolio: Net Loans and Advances surged to EGP 112.8 billion, representing a 30% increase from December 2023. This growth underscores the bank’s commitment to expanding its lending portfolio.
- Customer Deposits: Customer deposits also witnessed significant growth, reaching EGP 276.6 billion—a remarkable 38% increase compared to December 2023. This reflects the trust and confidence customers place in FABMISR as their preferred banking partner.
- Total Assets: The bank’s total assets soared to EGP 410.2 billion, reflecting a robust 39% growth compared to December 2023. This reaffirms FABMISR’s strong financial position.
- Interest Income: Net Interest Income increased to EGP 6.1 billion, showing an impressive 90% growth from March 2023. This highlights the bank’s effective deployment of resources.
- Fee and Commission Income: Net Fee and Commission Income reached EGP 597.5 million, maintaining steady growth at 10% compared to March 2023.
Mohamed Abbas Fayed, Chief Executive Officer and Managing Director of FABMISR, expressed his views on the bank’s performance. He stated, “We are delighted to report exceptional financial results for Q1 2024. Our strategy focuses on innovation, customer-centricity, and prudent risk management. The growth in assets underscores our commitment to delivering value to customers and stakeholders.”
FABMISR remains dedicated to sustainable growth, financial inclusion, and leveraging technology to enhance customer experience. The bank looks forward to building on this momentum and continuing to deliver value to clients and shareholders in the coming quarters.