First Abu Dhabi Bank Misr Posts Strong Profit Growth in Egypt

First Abu Dhabi Bank Misr, a subsidiary of the UAE's largest lender, has shown significant profit growth in Egypt, underscoring Abu Dhabi's expanding financial presence in North Africa. The bank reported a net profit of EGP 15.8 billion (approximately US$330 million) in the first half of 2024, marking a 139% increase from EGP 6.6 billion in H1 2023.

This growth was driven by foreign-exchange gains following the sharp devaluation of the Egyptian pound. In the first half of 2025, FABMisr posted a net profit of EGP 8.6 billion (US$175 million) with total assets of EGP 461 billion (US$9.3 billion). For the full year of 2024, FABMisr's profit reached EGP 26.3 billion (US$525 million), a 153% increase year on year.

First Abu Dhabi Bank completed the merger of Bank Audi Egypt into its operations in June 2022, creating FABMisr with pro-forma assets of about US$8.1 billion. The merger positioned FABMisr as a major player in Egypt's banking sector, accounting for roughly 2% of the country's banking market by deposits, loans, and assets. The bank's network now spans key cities like Cairo, Alexandria, and strategic Red Sea corridors, allowing it to service trade and infrastructure projects linked to UAE capital investments in Egypt.

Analysts view FABMisr's expansion as a pivotal moment in Middle Eastern banking, as the bank strengthens its footprint in Egypt while the UAE continues to invest heavily in Egyptian projects, such as the US$35 billion Ras El-Hekma coastal development and a 49% stake in a BP-led Egyptian gas venture. The UAE's growing influence in Africa is evident through the involvement of other Gulf financial institutions in cross-border acquisitions and greenfield expansions across the continent.