FAB Egypt’s market shares continue to rise during 2024

The market shares of First Abu Dhabi Bank - Egypt (FAB), witnessed a remarkable growth during Q1 of 2024, as the Bank was able to achieve collective increases, continuing its expansion in the Egyptian banking market. 

This was revealed by a recent monitoring conducted by First Bank on FABMISR’s market shares development in the first quarter of 2024, where its share in the asset market rose to 2.29% of the total assets of the banking sector by the end of March, compared to 2.08% by the end of 2023.

Its share in the loan market also jumped to 1.69% of total banking sector loans by the end of the first quarter of 2024, compared to 1.64% by the end of 2023.

Its share in the deposit market rose to 2.40% of total banking sector deposits by the end of March 2024, compared to 1.97% by the end of 2023.

FAB continues to make further progress, as revealed by its latest financial statements, which showed a net profit of EGP 9.9 bn in the first quarter of 2024, compared to 4.76 bn during the same period of 2023, with a growth of 108% and an increase of EGP 5.14 bn.

Its assets portfolio rose by 39% and an increase of EGP 115.2 bn during the first quarter of this year, registering EGP 410.2 bn by the end of March 2024, compared to EGP 295 bn by the end of December 2023.

The Bank's customer loans and facilities portfolio increased by 30%, and an increase of EGP 26.1 bn during the first quarter of this year, to reach EGP 112.8 bn by the end of March 2024, compared to EGP 86.7 bn by the end of December 2023.

Its portfolio of customer deposits jumped by 38% in the first quarter of this year, recording EGP 276.6 bn by the end of March 2024, compared to EGP 200 bn by the end of December 2023, rising by EGP 76.6 bn.

Net interest income increased significantly to EGP 6.1 bn, with a growth rate of 90% compared to the first quarter of 2023, while net fee and commission income amounted to EGP 597.5 mn, with a growth rate of 10% compared to the first quarter of 2023

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