FABMISR tops fastest growing Gulf banks operating in Egypt during 2024

First Abu Dhabi Bank - Egypt "FABMISR" has achieved strong growth over the past year, pushing it to top the First Bank growth index for Gulf banks operating in the fastest growing Egyptian market in 2024, with a composite growth rate of 71.22%.

This strong performance was driven by the extraordinary growth achieved by the Bank in its net profits, rising by 152.76% over the past year, registering 26.350 billion pounds in 2024, compared to 10.425 billion pounds in 2023, a total increase of 15.925 billion pounds, leading the list of Gulf banks operating in Egypt's fastest growing net profits in 2024.

Financing also contributed prominently to the Bank's topping of the First Bank composite Growth Index, where the Bank's total loans to customers rose by 63.11% over the past year, registering 148.898 billion pounds by the end of 2024, compared to 91.287 billion pounds by the end of 2023, representing an increase of 57.611 billion pounds.

This strong leap enabled it to top the "First Bank" list of Gulf banks operating in Egypt's fastest growing banking sector in total customer loans in 2024.

Assets played a pivotal role as a third factor in supporting this growth, rising by about 39.71% over the past year, reaching 412.707 billion pounds by the end of 2024, compared with 295.394 billion pounds by the end of 2023, an overall increase of 117.313 billion pounds.

The bank's customer deposit portfolio rose by 29.29% last year, reaching 258.79 billion pounds by the end of 2024, compared to 200.163 billion pounds by the end of 2023, a total increase of 58.627 billion pounds.

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