FAB- Egypt Leads Banks in Customer Loan Growth in Q1-2023

First Abu Dhabi Bank - Egypt has achieved strong performance in the Egyptian banking market, propelling it to the top of the list of First Bank as the fastest-growing bank in total customer loans during the first quarter of the current year, with a growth rate of 61.22%. The bank's total portfolio reached EGP 79 bn by the end of March 2023, compared to EGP 49 bn at the end of 2022.

The significant growth in the bank's main portfolios follows the completion of the merger with Bank Audi, positioning FAB- Egypt as the fourth-largest private bank, having previously held the eighth position before the acquisition.

Overall, the bank has achieved strong performance this year, with a surge of net profits by 572%, recording EGP 4.79 bn during the first quarter of 2023, compared to the same period last year.

Furthermore, its customer deposit portfolio rose to EGP 190 bn by the end of the first quarter of 2023, achieving a growth rate of 37% on an annual basis.

Regarding net interest income, it reached EGP 3.2 bn during the first quarter of the current year, marking a 131% increase compared to the same period last year.

Net fees and commissions income also rose to EGP 544 mn, with a growth rate of 70% compared to the same period in 2022.