Arab Finance: First Abu Dhabi Bank Misr (FABMISR) posted a 572% year-on-year (YoY) surge in net profit in the first quarter (Q1) of 2023, recording EGP 4.79 billion, according to an emailed press release.

Net interest income rose by 131% YoY to EGP 3.22 billion in Q1 2023, and net income from fees and commissions increased by 70% to EGP 544 million.  

Moreover, customer deposits increased by 37% to EGP 190 billion as of March 31^st, compared to in December 31^st, 2022.

Meanwhile, the bank’s net loan portfolio grew by 62% to EGP 79 billion at the end of March from in December 2022.

The bank’s total assets soared to EGP 275 billion in March, up by 33% from December 2022.

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