FABMISR - Egypt records significant growth in its financial indicators during 2024

The separate financial statements of the First Abu Dhabi Bank - Egypt "FABMISR" revealed strong growth in its key financial indicators over the past year, with its portfolio of assets jumping by 39.71%, reaching 412.707 billion pounds by the end of 2024, compared to 295.394 billion pounds by the end of 2023, an overall increase of 117.313 billion pounds.

This significant growth comes because of the growth in the Bank's loans portfolio, with total customer loans rising to 148.898 billion pounds by the end of 2024, compared to 91.287 billion pounds by the end of 2023, a growth of 63.11% and a total increase of 57.611 billion pounds.

Due to its growing expansion in the corporate and institutional sector, its portfolio of enterprise loans (including microcredit for economic activities) jumped by 73.72% over the past year, reaching 128.098 billion pounds by the end of 2024, compared with 73.738 billion pounds by the end of 2023, representing an increase of 54.36 billion pounds.

Its expansion in the retail banking finance market also played a role in raising its total loans to customers, with its portfolio of individual loans jumping to 20.800 billion pounds by the end of 2024, compared to 17.548 billion pounds by the end of 2023, with a growth rate of 18.53% and an increase of 3.251 billion pounds.

Regarding the deposit portfolio, FABMISR witnessed strong growth reflecting growing customer confidence and the Bank's successful strategy to attract more funds. The customer deposit portfolio rose by 29.29% over the past year, reaching 258.79 billion pounds by 2024, compared to 200.163 billion pounds by 2023, an overall increase of 58.627 billion pounds.

This significant growth is due to strong performance in both deposit segments, with individuals' deposits jumping 36.80% over the past year, registering 57.247 billion pounds by the end of 2024, compared to 41.848 billion pounds by the end of 2023, an increase of 15.399 billion pounds, indicating the bank's success in attracting more customers and meeting their banking needs.

Corporate deposits recorded growth of 27.30% over the past year, moving to EGP 201.542 billion by the end of 2024, compared to 158.315 billion by the end of 2023, reflecting the Bank's ability to strengthen its relations with the institutional sector and provide innovative banking services.