Abbas Fayed reshapes FABMISR's position in the Egyptian market

The merger of First Abu Dhabi Bank (FAB) - Egypt with Bank Audi in early 2022 marked a strategic turning point in the Bank's Egypt an banking market website a banking entity with a strong capital base and a diversified asset portfolio ". and an expansionist vision led by Mohamed Abbas Fayed, CEO and Managing Director of the Bank, which has successfully steered the Bank towards record growth rates over a short period of time. 

The impact of Abbas Fayed strategy on the development of the "FABMISR" indicators from the end of 2021 to the end of 2024 is discussed in this cycle, where total assets jumped at a growth rate of 210% marking an increase of 279.52 billion pounds, reaching 41,271 billion pounds by the end of last year, compared to 133.19 billion pounds by the end of 2021. 

Supported by the thoughtful credit expansion as a result of the completion of the Oda Bank acquisition deal and the integration of the two banks' customer bases, the volume of customer loans "FABMISR" jumped at a growth rate of 238% with an increase of 104.84 billion pounds, reaching 148.90 billion pounds by the end of 2024, compared to 44.06 billion pounds by the end of 2021. 

The Bank's client deposit portfolio rose by 151% and an increase of 155.55 billion pounds, registering about 258.80 billion pounds by the end of 2024, compared to 103.24 billion pounds by the end of 2021, supported by improved customer experience and expanded banking base. In terms of profitability indices, the Bank's net profit more than doubled by 12 times to 26.35 billion pounds in 2024, compared to 1.97 billion pounds in 2021, marking growth of 1240.3% and an increase of 24.38 billion pounds.

This was due to a rise in net revenue from FABMISR at a growth rate of 510% and an increase of 26.75 billion pounds during the period under analysis, reaching 31.99 billion pounds in 2024, compared to 5.25 billion pounds in 2021.