FABMISR tops fastest growing banks in net interest income during 2024
FABMISR achieved strong growth in its net income over the past year, jumping by about 100.35%, recording EGP 31.99 bn during 2024, compared to 15.97 billion pounds during 2023. This strong performance prompted First Abu Dhabi Bank - Egypt to top the «First Bank» list of the fastest growing banks in net interest income during 2024. The significant increase in the bank’s net interest income is due to the increase in loan returns and similar revenues to 70.416 billion pounds during 2024, compared to 37.665 billion pounds during 2023, with a growth rate of 86.95%, and a total increase of 32.751 billion pounds. In terms of the cost of deposits and similar costs, it increased by about 77.09% over the past year, recording 38.422 billion pounds during 2024, compared to 21.696 billion pounds during 2023, representing a total increase of 16.726 billion pounds. Overall, First Abu Dhabi Bank – Egypt «FABMISR» achieved strong performance over the past year, with its net profit jumping by about 152.76%, to record 26.350 billion pounds in 2024, compared to 10.425 billion pounds in 2023, for a total increase of 15.925 billion pounds. Profit before income taxes increased to 36.349 billion pounds in 2024, compared to 14.959 billion pounds in 2023, a growth rate of 141.79%, and an increase of 21.21 billion pounds. Asset portfolio rose by about 39.71% over the past year, reaching 412.707 billion pounds by the end of 2024, compared to 295.394 billion pounds by the end of 2023, a total increase of 117.313 billion pounds. The bank’s customer deposit portfolio increased by about 29.29% over the past 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. Its total customer loans increased to 148.898 billion pounds by the end of 2024, compared to 91.287 billion pounds by the end of 2023, a growth rate of 63.11%, and a total increase of 57.611 billion pounds. To see the full list.. Click here.
