FABMISR achieved a net profit of EGP 26.3 billion in 2024, a 153% increase from 2023. Net loans rose by 64%, and total customer deposits increased by 29%. The bank’s net interest income doubled to EGP 32 billion, illustrating strong financial growth and stability. CEO Mohamed Abbas Fayed emphasized its adaptability and commitment to supporting Egypt’s economy.
First Abu Dhabi Bank Misr (FABMISR) has reported a net profit of EGP 26.3 billion for 2024, reflecting a remarkable 153% increase from the prior year. The financial results, released for the fiscal year ending December 2024, underline strong growth in key performance indicators, showcasing the bank’s effectiveness in bolstering the Egyptian economy and meeting client needs with innovative banking solutions.
The financial statements reveal that FABMISR’s net loans and advances grew by 64% to EGP 142 billion, while customer deposits rose by 29% to EGP 258.8 billion. Furthermore, total assets climbed to EGP 412.7 billion, indicating a 40% growth year-over-year. The resilience and strategic focus of the bank contributed to these impressive figures.
Notably, the bank’s net interest income reached EGP 32 billion in December 2024, a 100% increase from 2023. Additionally, net fee and commission income rose by 27% to EGP 2.5 billion. Such growth in income streams highlights the bank’s financial health and operational efficiency.
FABMISR’s shareholders’ equity also increased significantly to EGP 60.5 billion, marking a 79% rise compared to the previous year. This growth strengthens the bank’s capital position, allowing it to further invest in growth opportunities and enhance value for stakeholders.
Mohamed Abbas Fayed, Chief Executive Officer and Managing Director of FABMISR, shared his pride in the bank’s achievements, emphasizing the adaptation to economic conditions and commitment to financial advising. He mentioned, “The strong financial results we achieved in 2024 reflect First Abu Dhabi Bank Misr’s ability to adapt to various economic conditions and strengthen its position as a trusted partner and financial advisor.”
As a leader in supporting the local economy, FABMISR fosters strategic partnerships and finances key projects, promoting inclusive growth. The bank’s initiatives illustrate its dedication to a sustainable and prosperous future for Egypt. Operating through 72 branches, FABMISR delivers banking products and services tailored to diverse customer segments, ensuring value for all stakeholders.
In summary, FABMISR’s record financial performance in 2024 demonstrates its strategic focus, operational efficiency, and commitment to supporting the Egyptian economy through innovative solutions and partnerships. The bank is set to continue making significant contributions across various sectors, reinforcing its leading position in the market.
FABMISR is a prominent banking institution in Egypt, primarily focused on delivering a range of banking services and financial solutions. As part of the First Abu Dhabi Bank Group, FABMISR has expanded its operations significantly, reinforcing its status as one of the largest foreign banks in the country. The bank’s recent financial achievements reflect broader economic trends and indicate its strategic alignment with national development goals, particularly Egypt’s Vision 2030.
In conclusion, FABMISR’s impressive growth in net profit, loans, and deposits for 2024 exemplifies its strong performance amidst economic challenges. The bank’s strategic investments in innovation and expansion highlight its commitment to enhancing its market position and supporting the Egyptian economy. Continued success will likely be driven by its ability to meet evolving customer needs and financial goals.
Original Source: www.dailynewsegypt.com
