FABMISR achieves outstanding growth rates during H1 2024

 First Abu Dhabi Bank Misr (FABMISR), one of the largest banks operating in Egypt, announced its financial results during H1 2024, showcasing robust growth across key performance indicators, where the net profit reached EGP 15.8 billion for the period ending June 2024, reflecting an outstanding growth rate of 139%. Furthermore, after neutralizing the impact of exchange rate fluctuations during the first half of 2024 to evaluate the results of core activities, the bank achieved a growth of 121% compared to the same period last year.

By June 2024, FABMISR reported net loans and advances totaling EGP 121.2 billion, reflecting a significant growth of 40% compared to December 2023. Total assets reached EGP 429.9 billion, marking a 46% increase compared to December 2023. Customers’ deposits also saw notable growth, rising to EGP 278.7 billion, a 39% increase compared to December 2023. The bank’s net interest income was EGP 14.6 billion, demonstrating an impressive growth rate of 116%. Additionally, net fees and commissions Income grew to EGP 1.3 billion, representing an increase of 30% compared to the same period last year.

Commenting on the results, Mr. Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, remarked: “We are grateful for our robust performance during H1 2024 which 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.”

These strong financial results clearly demonstrate FABMISR’s disciplined approach and strategic investments, which continue to strengthen 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.