Net profits of First Abu Dhabi – Egypt grow by 206%, recording EGP8.2 bn At 9M-2023
First Bank
First Abu Dhabi bank Egypt revealed its financial results for the period ending on September 30th of the past year, disclosing a net profit of EGP8.2 bn during the first 9 months of 2023, with a growth rate of 206%, compared to the same period of the previous year.
The net loan portfolio increased to EGP82.935 bn by the end of September 2023, growing by 70% compared to the end of 2022. Additionally, the total deposit portfolio reached EGP200.337 bn by the end of September 2023, marking a 45% increase from 2022.
The bank’s total assets also rose to EGP303.119 bn by the end of the current year’s third quarter, showing a 47% increase from the end of 2022. Net interest income in the bank reached EGP11.009 bn during the first 9 months of 2023, experiencing a 120% increase compared to the period ending in September of the previous year, 2022.
Net fees and commissions income during the first 9 months of 2023 ending on September 30th rose to EGP1.466 bn, reflecting a 40% increase compared to the same period of the previous year.
Mohamed Abbas Fayed, the CEO of Bank of Abu Dhabi First Egypt, commented on these results, expressing pride in their exceptional performance during the current year’s first 9 months.
He emphasized their strategic adaptability in Egypt, highlighting the bank’s ability to thrive in rapidly changing conditions and the significant potential of the Egyptian market and its economy.
He added that the substantial results, with a 206% profit increase compared to the same period last year, showcase their close experience and deep understanding of the Egyptian banking sector. Fayed stated their commitment to continuing the strategy for outstanding performance and building on it to conclude the year with even more remarkable results.
This aligns with their vision for expansion and growth in the Egyptian market, serving various segments of society, contributing positively to the prosperity of the Egyptian banking sector and the country’s economy.
The results of Bank of Abu Dhabi First Egypt during the current year’s first 9 months follow the successes announced in the first quarter and first half of the year. These achievements come as the bank strives to meet the needs of its customers, providing the latest integrated banking services and products tailored to each segment individually.
Additionally, the bank has expanded geographically, with the recent opening of a branch in the Suez Canal Economic Zone, equipped with the latest technological solutions in the heart of one of Egypt’s prominent economic and commercial centers.
