FAB- Egypt Tops Gulf Banks with Explosive Profit Growth

In a significant achievement, First Abu Dhabi Bank - Egypt has taken the lead among Gulf banks operating in the Egyptian banking sector, registering the fastest growth in net profits at an impressive rate of 572%. During the first quarter of 2023, the bank's net profits surged to EGP 4.79 bn, compared to EGP713 mn during the same period in 2022.

This remarkable feat marks a powerful start for the bank, making it top-performing Gulf bank in the Egyptian banking sector in terms of net profits for the first time in its history.

Moreover, the bank has seen substantial growth in its main financial portfolios following the successful completion of a merger with Bank Audi. As a result, First Abu Dhabi Bank - Egypt now ranks fourth among private banks by size, jumping from its previous position at eighth before the acquisition deal.

Overall, the bank has displayed robust performance throughout the current year, witnessing a phenomenal 572% increase in net profits, recording EGP4.79 bn during the first quarter of 2023, compared to the same period in the previous year.

Furthermore, the bank's customer deposits soared to EGP190 bn by the end of the first quarter of 2023, achieving an impressive annual growth rate of 37%.

The bank's net fees and commissions income also experienced remarkable growth, reaching EGP544 mn, a substantial 70% increase compared to the same period in 2022.

Additionally, Net interest income surged to EGP3.2 bn during the first quarter of the current year, marking an impressive 131% increase over the same period last year.

With such impressive results and substantial growth in various financial metrics, FAB - Egypt has established itself as a key player in the Egyptian banking landscape, setting a precedent for success among its Gulf counterparts.