FABMISR’s net profits leap 160% in Q3-24 - Mubasher Info

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Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR), the business unit of UAE-based FAB operating in Egypt, posted 160% year-on-year (YoY) higher net profits at EGP 21.30 billion in the third quarter (Q3) of 2024.

The bank’s net loans and advances increased by 45% to EGP 125.60 billion as of September 2024, compared to the end of December 2023.

Total assets grew by 39% to EGP 410 billion, while the customers' deposits jumped by 26% to EGP 252.20 billion, reinforcing the bank's solid deposit base and customer trust.

FABMISR also improved its equity position, with total shareholders' equity surging by 62% to EGP 54.50 billion.  

Net interest income hiked by 113% in Q3-24 to EGP 23.7 billion compared to the same period last year.  

Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, said: “As we continue to navigate Egypt’s dynamic economic landscape, we remain focused on driving operational efficiency, expanding our market presence, and fostering innovation.”

During the first half (H1) of 2024, the net profits of FABMISR amounted to EGP 15.80 billion.

Source: Mubasher Source: {{details.article.source}}