FABMISR tops Egypt's fastest-growing banking brands in 2024

FABMISR continues to achieve record financial performance, becoming the fastest growing bank in the Egyptian banking sector in the past year, after clinching the top spot of the First Bank's 67.5% growth index during the first 9 months of 2024, outperforming all banks operating in the market.

This strong performance reflects the Bank's expansionist strategies and its effective approach to strengthening its financial indicators, which recorded qualitative jumps during the first nine months of last year, enhancing its competitive position in the Egyptian banking sector.

On the bank's financial indicators, FABMISR was able to grow its net profit by 160% in the first 9 months of last year, after registering 21.3 billion pounds, compared to 8.2 billion during the same period in 2023, earning first place on First Bank's list of fastest growing net profits.

This qualitative jump in the Bank's net profits reflects the strength of its operating performance, its ability to boost revenue and reduce operational costs, as well as its efficiency in managing its assets with its liabilities, which contributed to an 8.06% return on average assets during the first 9 months of 2024, as well as an increase in the return on average shareholder equity to 64.37% during the same period.

In terms of customer loans, the Bank's customer loan portfolio rose by 45% during the first 9 months of last year, reaching 125.6 billion pounds by the end of last September, compared to 86.7 billion by the end of December 2023, placing the Bank in second place on First Bank's list of the fastest growing banks in customer loans.

This growth underscores the Bank's thoughtful expansion of the market for financing of large companies and SMEs, as well as the strengthening of co-financing activities, becoming a key player in this sector.

The Bank's deposit portfolio also rose to 252.2 billion pounds by the end of September, growing by 26% during the first 9 months of 2024, compared to 200 billion pounds by the end of December 2023, indicating an increase in customer confidence in the Bank and its ability to attract more savings thanks to the diversity of its banking products.

The Bank's total assets rose by 39% in the first 9 months of 2024, registering LE410 billion by the end of September, compared to 295 billion by the end of December 2023, reflecting the expansion of business volume and the strengthening of the Bank's financial position. This growth indicates the Bank's ability to effectively utilize its resources and achieve record growth rates.

In addition to achieving record growth rates, Abu Dhabi I-Egypt releases the First Bank financial efficiency index during the first 9 months of 2024. This classification reflects the Bank's efficiency in two main pillars. "I" is linked to the Bank's ability to achieve strong growth rates in its key portfolios to maintain and develop its market shares in the future, and "II" is linked to the Bank's ability to exploit its assets and resources to generate appropriate levels of profits.

During 2024, the Bank strengthened its position as a key player in the common finance market, successfully attracting a number of major companies and providing innovative financing solutions suited to their needs. The Bank also demonstrated a high competitiveness in this area, helping it strengthen its position in the Egyptian banking market.

FABMISR continues to implement expansion strategies aimed at steadily ascending to the top 5 banks in the Egyptian market based on a strong competitive approach based on strong executive management and a board with unique expertise and a high level of efficiency, As well as open support from the parent group to enhance its position in the banking sector, giving it greater capacity to implement its expansion plans in Egypt.

The Bank also seeks to expand digital banking services and increase reliance on financial technology, thereby improving customer experience and increasing the efficiency of banking operations, thereby expanding its individual and corporate customer base.

As its expansion plans continue to be implemented, FABMISR aims to continue to achieve strong financial performance during 2025. Projections show continued growth of loans, deposits and net profits, as well as strengthening the bank's financial position, under a thoughtful expansion strategy that enhances its position in the Egyptian banking market.