First Abu Dhabi Bank - Egypt has emerged as the fastest-growing bank on First Bank composite index during the

FAB Egypt Tops Fastest Growing Banks on First Bank Index in Q1-2023

First Bank

8/1/2023 10:02:00 AM

FAB Egypt

First Abu Dhabi Bank - Egypt has emerged as the fastest-growing bank on First Bank composite index during the first quarter of the current year, with a remarkable growth rate of 100%. This surge was driven by substantial growth in its net profits.

The bank's net profits soared by 572%, reaching EGP4.79 bn in Q1 2023, compared to EGP713 mn in the same period of 2022.

Furthermore, the bank's loan portfolio witnessed a growth rate of 61.22%, reaching EGP79 bn by the end of March 2023, compared to EGP49 bn by the end of 2022.

In addition, deposit portfolio of First Abu Dhabi Bank surged to EGP 190 bn by the end of Q1 2023, achieving an annual growth rate of 37%.

This significant growth in the bank's main portfolios comes after completing the merger deal with Bank Audi, propelling First Abu Dhabi Bank - Egypt to the fourth position in terms of private bank size, from its previous rank of eighth before the acquisition deal.