First Abu Dhabi Bank Misr (FABMISR), one of the largest banks operating in Egypt, announced its financial results for the fiscal year ending December 31, 2024. The results demonstrated strong and sustainable growth across all key financial indicators compared to 2023, reflecting the bank’s exceptional performance and its ability to strengthen its position as a key partner in supporting the Egyptian economy. This growth also underscores the bank’s commitment to providing innovative and tailored banking solutions that meet the aspirations of its clients and contribute to achieving their financial goals.
According to the financial statements, the bank achieved significant growth in net profits, reaching EGP 26.3 billion in December 2024—a 153% increase compared to 2023. After neutralizing the effect of exchange rate differences during the year ended 2024 to assess core business performance, the bank recorded a 136% growth compared to 2023.
Net loans and advances amounted to EGP 142 billion in December 2024, marking a notable 64% increase from 2023. Total customer deposits reached EGP 258.8 billion, reflecting a 29% rise, while total assets surged to EGP 412.7 billion, representing a 40% growth compared to the previous year.
The bank also recorded a significant increase in income sources, with net interest income reaching EGP 32 billion in December 2024, a remarkable increase of 100% compared to 2023. Net fee and commission income totaled EGP 2.5 billion in December 2024, a 27% increase compared to 2023. Additionally, total shareholders’ equity increased to EGP 60.5 billion in December 2024, achieving a remarkable growth of 79% compared to 2023.
In this context, Mr. Mohamed Abbas Fayed, Chief Executive Officer and Managing Director of FABMISR, expressed his pride in the results achieved during 2024, stating: “The strong financial results we achieved in 2024 reflect First Abu Dhabi Bank Misr’s ability to adapt to all economic conditions and strengthen its position as a trusted partner and financial advisor. Leveraging our extensive regional and global network, as well as our deep expertise, we connect our clients to new opportunities and guide them in overcoming challenges. It has been an exceptional year for the bank, as we achieved unprecedented growth across all key indicators, in addition to opening seven new branches as part of our expansion plans. This success is driven by our agile strategy, which focuses on innovation and financial inclusion, in line with Egypt’s Vision 2030, further reinforcing our position as the largest bank operating in the Egyptian market.”
FABMISR holds a leading position in supporting the local economy by strengthening strategic partnerships with various key players in the Egyptian market. The bank contributes to financing vital projects that drive the development of various economic sectors and promotes inclusive growth through its diverse initiatives, benefiting both individuals and institutions alike. These ongoing efforts underscore the bank’s commitment to building a prosperous and sustainable future for the country.
About FABMISR:
FABMISR, a subsidiary of the First Abu Dhabi Bank Group (FAB), is one of the largest foreign banks operating in Egypt. FABMISR’s local network operates through 72 branches, where it provides leading banking products and services that cater to all customer segments; along with achieving the highest value for its stakeholders and employees. Moreover, the bank offers a personalized banking experience to meet the various expectations of its customers from large organizations, SMEs and consumers whilst utilizing its global experience to support stakeholders, entrepreneurs and the local economy.
FAB is one of the world’s largest and safest financial institutions with an international network spanning over five continents. The bank also offers global relationships, extensive experience, and financial strength to support local, regional, and international companies seeking to manage their businesses at home and abroad.
FAB is rated Aa3, AA- and AA- by Moody’s, Standard & Poor’s (S&P, and Fitch, respectively), making it the most robust aggregate rating of banks in the Middle East and North Africa region. FAB is also a regional leader in sustainability and is part of the MSCI ESG Leaders Index and FTSE4Good EM.
