Strong growth rates propel FAB-Egypt to significant increases in its market share

First Abu Dhabi Bank - Egypt has achieved collective increases in its market shares during the current year, continuing its expansion in the Egyptian banking market and crafting a new success story.

First Bank monitors the market share developments of First Abu Dhabi Bank during the first quarter of 2023.

Asset Market

Its share rose to 2.12% of the total banking sector assets by the end of March 2023, compared to 1.81% at the end of 2022, thereby adding about 0.3% to its market share in just 3 months.

Loan Market

Its share in the loan market also jumped to 1.8% of the total banking sector loans by the end of the first quarter of 2023, compared to 1.2% at the end of 2022.

Deposit Market

Its share in this market rose to 2.06% of the total banking sector deposits by the end of March 2023, compared to 1.62% at the end of 2022.

FAB Egypt continues to make further progress, as indicated by its latest financial statements, which showed a net profit of EGP6.6 bn according to the financial statements for the period ending June 30, 2023, with an increase of 317% compared to the same period of the previous year.

Net interest income also increased to EGP6.8 bn, a 119% increase compared to EGP 3.1 bn from the previous year, while net  fees and commissions income in the first half of the current year reached EGP 975 mn, a 36% increase compared to the same period from the previous year.

The value of customer deposits portfolio at the end of the first half of the current year rose to EGP 194.5 bn, marking a 40% increase over 2022, and the net loan portfolio reached EGP80.7 bn, with a growth rate of 65% compared to 2022.

The bank's asset portfolio in the first half of the year also increased to EGP289.4 bn, a 40% increase compared to the end of 2022.

If First Abu Dhabi Bank - Egypt continues its rapid growth, more increases in its market share are expected, potentially resulting in changes in the rankings of the top 5 banks in the banking market, especially since it is the closest competitor to the top five list.

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