By supporting the acquisition of Audi, Abbas Fayed leads FAB to the 10 largest banks list

First Abu Dhabi Bank (FAB) - Egypt indicators have made significant progress since the completion of the merger deal with Bank Audi Egypt in 2022, marking a new shift in the bank's performance, and a change in the map of the largest banks in the Egyptian banking market, led by Mohamed Abbas Fayed, CEO and Managing Director of the Bank.

This is evident from the FAB - Egypt indicators, where the bank's total assets rose by the end of Q3 of last year, recording EGP 303.119 bn, with an increase of 47% by the end of 2022.

Its net customer loans portfolio rose by 69.26%, to EGP 82.94 bn by the end of September 2023, compared to 49 bn by the end of December 2022.

Its customer deposits portfolio jumped by 45%, reaching EGP 200.337 bn by the end of September 2023, compared to 138.2 bn by the end of December 2022.

In terms of profitability indicators, it also recorded significant growth, with net profits of EGP 8.2 bn during the first 9M of 2023, compared to 2.68 bn during the same period in 2022, with a growth of 206%.

Net interest income from the bank jumped EGP 11.009 bn during the first 9M of 2023, with an increase of 120% compared to the period ended in September of the previous year 2022.

Net fees and commissions income during the first 9M of 2023 ended September 30 increased to EGP 1.5 bn with an increase of 40%, compared to the same period of the last year.

The growth achieved in the Bank's portfolio thanks to the merger with the Bank of Audi, the new expansion policy that works to provide service packages, integrated banking products for different categories of customers, increase branches and ATMs and support various fields including sports, art and culture, from the leadership of First Abu Dhabi Bank - Egypt towards remarkable increases in market shares, formally entering the largest 10 banks operating in the Egyptian banking sector.

FAB - Egypt's market shares in assets rose to 2.06% of total banking sector assets by Q3 of 2023, compared to 1.81% by the end of 2022, adding about 0.25%, making it the seventh largest bank operating in the sector in terms of volume of assets.

The Bank's share in this market rose to 2.05% of total banking sector deposits by the end of September 2023, compared to 1.62% by the end of 2022, thus succeeding in adding about 0.4% to its share, making it the seventh largest operating bank in the sector in terms of the size of the customer deposit portfolio.

Its share in the loan market jumped to 1.6% of total banking sector loans by Q3 of 2023, compared to 1.2% by the end of 2022, making it the eighth largest operating bank in the sector in terms of the size of the loans portfolio.

The significant growth in FAB - Egypt indicators since its acquisition of Bank Audi led by Abbas Fayed contributed to the Bank's ability to get the top of many of the fastest growing lists in First Bank rankings during the period under analysis.

The most prominent ratings that enabled the Bank to clinch first position last year were the list of the fastest growing banks in net profits in the first 9M of last year, the list of the fastest growing banks in net interest income and the list of the fastest growing banks in total customer loans during the same period.