FABMisr grows by 100% on First Bank Composite Growth Index during H1-2023

The latest financial results of First Abu Dhabi Bank - Egypt, revealed that FABMisr recorded a compound growth rate of 100% during the first half of Current year.

This rate was measured through a composite growth index developed by First Bank to measure the financial performance of banks with a single figure, in all branches of activity that include net profits, deposit, loan, and asset portfolios, during the period from January to June 2023.

The bank showed positive results in all 4 sub-indicators of First Bank index, notably in net profits, which experienced a significant growth rate of 317.5%, reaching EGP 6.60 bn in the first half of 2023, compared to EGP 1.58 bn during the same period in 2022, marking an increase of EGP 5.01 bn.

Furthermore, the bank's Total customer loans came in second place with a growth rate of 65% during the first half of current year, bringing the total portfolio from EGP 48.9 bn at the end of December 2022 to reach EGP 80.7 bn by June 2023end, achieving an increase of EGP 31.8 bn.

In addition, Total Assets came in third place, recording EGP 289.4 bn by June 2023end, compared to EGP 206.5 bn at the end of 2022, achieving a growth rate of 40.18%, and an increase of EGP 83 bn.

The bank's customer deposit portfolio achieved a growth rate of 39.6% in H1-2023, to record EGP 194.5 bn by the end of June 2023, compared to EGP 139.4 bn by the end of 2022، with an increase of EGP 55.1 bn.