FABMISR’s rapid growth threatens the position of Banque du Caire on Egypt's largest banks list

First Abu Dhabi Bank (FAB) - Egypt has seen strong growth since completing its merger deal with Bank Audi Egypt in 2022, enabling the bank to achieve record increases that pushed it towards seventh place in the list of the largest banks operating in the Egyptian banking market.

It seems, however, that FAB's ambitions will not stop there, as it is steadily approaching taking sixth place from Banque du Caire in the asset market, to continue changing the map of the largest banks in Egypt.

FAB -Egypt has managed to reduce the gap between it and Banque du Caire on the level of asset volume to EGP 19.7 bn, its lowest level ever.

During the first half of this year, First Abu Dhabi Bank's asset portfolio experienced extraordinary growth, climbing to EGP 429.9 bn by the end of June 2024, compared to EGP 295 bn by the end of 2023, with a growth of 46% and an increase of EGP 135 bn.

Banque du Caire's assets portfolio grew slightly, rising by 11.9% in the first half of this year, reaching EGP 449.6 bn by the end of June 2024, compared to EGP 401.6 bn by the end of 2023, up from nearly EGP 48 bn. 

This strongly enhances the probability that FAB -Egypt will clinch sixth place in the asset market from Banque du Caire this year once the bank continues to grow rapidly, amid the medium performance of Banque du Caire.

Overall, FAB - Egypt achieved a strong performance during this year, jumping its net profit to EGP 15.8 bn in the first half of 2024, compared to EGP 6.6 bn in the same period from 2023, with a growth rate of 139% and an increase of EGP 9.2 bn.

Net interest income rose to EGP 14.6 bn in the first half of 2024, compared to EGP 6.8 bn in the same period in 2023, with a growth of 116%, and an increase in contact with EGP 8 bn.

Net fees and commissions income rose by about 30%, reaching EGP 1.3 bn in the first half of 2024, compared to EGP 975 mn in the same period from 2023.

Net loan portfolio rose from EGP 86.7 bn at the end of December 2023, to EGP 121.2 bn at the end of June 2024, with a growth of 40% on a semi-annual basis. Customer deposit portfolio jumped 40% in the first half of this year, reaching EGP 278.7 bn by the end of June 2024, compared to EGP 200 bn by the end of 2023.

With this accelerated growth and strong financial results, FAB - Egypt is emerging as a key player in reshaping the features of the Egyptian banking sector, but it remains the question: will Banque du Caire maintain its position on the list of largest Banks, or will FAB - Egypt continue to rise to become part of the front rows of Egyptian banks? The answer will be clear in the coming months as competition continues and market shifts increase

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