First Abu Dhabi Bank Misr (FABMISR), a subsidiary of the UAE’s First Abu Dhabi Bank Group (FAB) and one of the largest foreign banks operating in Egypt, achieved a 129% year-on-year (YoY) surge in net profit to EGP4.50 bn in 2022.
Customer deposits reached EGP 139.38 bn at FABMISR during the January-December 2022 period, resulting in a 35% increase compared to 2021.
The net value of loans increased by 11% YoY to EGP 48.91 bn in 2022, while the total assets soared by 55% to EGP 206.45 bn, according to a press release.
Net income from fees and commissions amounted to EGP1.48 bn last year, marking a 40% jump from 2021. Meanwhile, net income from interest rose by 35% to EGP 7.08 bn.
It is worth noting that the comparative results of 2022 and 2021 are based on the figures of First Abu Dhabi Bank Egypt and Bank Audi for 2021 compared to FABMISR merged entity in 2022.
In late 2022, FABMISR announced the full integration of Bank Audi Egypt with the successful migration of all banking relationships and services under the FABMISR umbrella.
