The merger helped launch the market
The CEO and Managing Director of First Abu Dhabi Bank – Egypt, Mohamed Abbas Fayed, said; The financial results in 2022 were “very positive”, supported by the acquisition of Bank Audi in Egypt.
Fayed added, in an interview with Al-Arabiya, that the “First Abu Dhabi” group’s acquisition of “Awdeh” was completed last year, which resulted in a large budget.
He pointed out that the merger deal helped launch the market, and contributed to providing non-traditional solutions to some customers.
Fayed stated that the increase in interest in Egypt during the past year led to an increase in net income from returns, fees and commissions.
The total assets of the bank for the fiscal year ending in 2022 witnessed a significant increase, as it recorded EGP 206 billion, an increase of 55% over the year 2021.
Fayed said that the significant increase came after the merger deal with Bank Audi, explaining that “First Abu Dhabi – Egypt” has become the fourth in terms of the size of private banks, after it was in the eighth place before the acquisition.
He stated that the growth of deposits was normal in the last period, as the bank was able to grow in the size of customers, whether at the level of companies or individuals.
Fayed explained that loans grew, but at a lower rate than the growth of deposits, and this is due to the high cost of loans and the increase in interest rates.
First Abu Dhabi Bank Egypt recorded a net profit of 4.5 billion pounds during the fiscal year ending on December 31, 2022, an increase of 129% compared to 2021.
The value of total deposits for the fiscal year increased by 35% to reach 139 billion pounds, while the value of net loans amounted to 49 billion pounds, an increase of 11% from 2021.
