Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR), the business unit of UAE-based FAB operating in Egypt, recorded net profits valued at EGP 26.30 billion as of 31 December 2024.
The generated net profits hiked by 153% year-on-year (YoY) when compared to 2023, according to the financial results.
Net loans and advances amounted to EGP 142 billion in 2024, marking an annual leap of 64% from 2023.
Total customer deposits hit EGP 258.80 billion in the January-December 2024 period, up 29% YoY from 2023, while total assets surged by 40% to EGP 412.70 billion.
The bank also recorded a 100% YoY leap in net interest income to EGP 32 billion in December 2024.
Net fee and commission income climbed by 27% YoY to EGP 2.50 billion in December 2024, while the total shareholders’ equity increased by 79% to EGP 60.50 billion.
Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, said: “The strong financial results we achieved in 2024 reflect First Abu Dhabi Bank Misr’s ability to adapt to all economic conditions and strengthen its position as a trusted partner and financial advisor.”
“This success is driven by our agile strategy, which focuses on innovation and financial inclusion, in line with Egypt’s Vision 2030, further reinforcing our position as the largest bank operating in the Egyptian market,” Fayed added.
In the first half (H1) of 2024, the lender achieved net profits valued at EGP 15.80 billion.
