Contact Financial announces 1Q-2023 results
- Date: 29-May-2023
- Source: Zawya
- Sector:Financial Markets
- Country:Egypt
Contact Financial announces 1Q-2023 results
Cairo: Contact Financial Holding SAE (CNFN.CA), Egypt’s largest non-bank financial services provider, announced today its consolidated financial results for the three-month period ending 31 March 2023, reporting solid year-on-year operating income growth across its financing and insurance divisions of 28% and 43%, respectively. Meanwhile, financing net income fell by 14% while insurance net income rose by 35%, with consolidated normalized net income[1] recording EGP 178 million, representing a 3% year-on-year expansion.
1Q-2023 Key Financial and Operational Highlights[2]
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1Q-2022
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Change
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Financing Division
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Total Portfolio (EGP bn)
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11.47
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16.79
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46%
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Financing Operating Income (EGP mn)
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361
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462
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28%
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Financing Net Income (EGP mn)
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141
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121
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-14%
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Insurance Division
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Gross Written Premiums (EGP mn)
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252
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437
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73%
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Insurance Operating Income (EGP mn)
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57
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81
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43%
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Insurance Net Income (EGP mn)
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18
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25
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35%
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Consolidated Results
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Total Operating Income (EGP mn)
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419
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548
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31%
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Net Income (EGP mn)
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154
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136
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-11%
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Annualized Return on Average Equity
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26.0%
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22.3%
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-3.8 pts
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Normalized Net Income (EGP mn)
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173
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178
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3%
During 1Q-2023, Contact’s financing division saw new financing extended rise by 66% year-on-year to record EGP 4.1 billion. Strong year-on-year growth was primarily driven by Contact’s Consumer