FABMisr, Fastest-growing Gulf bank in Egypt in terms of net profits
First Bank
The bank achieved strong performance this year, leading First Bank list of Gulf banks operating in the Egyptian banking sector with fastest growth in net profits.
Its net profits increased by approximately 317%, reaching EGP6.6 bn during the first half of 2023, compared to EGP 1.581 bn during the same period in 2022.
FABMisr captured 5.20% of the banking sector's net profits during the first half of 2023, compared to 2.78% during the same period in 2022.
The bank continues to make progress, with its net income from returns reaching EGP 6.8 bn, a 119% increase compared to the previous year, and its net fees and commissions income in the first half of the current year amounted to EGP 975 mn, a 36% increase compared to the same period in the previous year.
The value of customer deposits portfolio at the end of the first half of this year rose to EGP194.5 bn, an increase of 40% from 2022.
Net loan portfolio reached EGP80.7 bn, a 65% increase from 2022. The bank's asset portfolio in the first half of the year reached EGP289.4 bn, a 40% increase compared to the end of 2022.
It is worth noting that if the bank ank continues its outstanding performance in the coming years, it is expected to be among the top 5 banks operating in the Egyptian banking market, especially as it is the closest competitor to the top 5 list.
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