EFG Hermes Holding hits record revenues of 4.5 billion Egyptian pounds

EFG Hermes Holding hits record revenues of 4.5 billion Egyptian pounds

EFG Hermes Holding, the leading financial institution with a universal bank in Egypt and the leading investment bank franchise in Frontier and Emerging Markets (FEM), announced today its results for the three months ended 31 March 2023. The Group recorded a 129 per cent Y-o-Y increase in revenue to 4.5 billion Egyptian pounds in 1Q23, primarily driven by growth in treasury operations, as well as solid results generated from the Investment Bank and aiBANK during the period. Despite growing inflationary pressures across Egypt and the impact of the Egyptian pound’s devaluation on regional office expenses when translated to local currency, which saw the Group’s operating expenses gain 148 per cent Y-o-Y during the quarter, operating profit rose 99 per cent Y-o-Y to 1.5 billion Egyptian pounds, and net profit before tax grew 108 per cent Y-o-Y to 1.4 billion Egyptian pounds. EFG Hermes Holdings’ net profit after tax and minority interest climbed 157 per cent Y-o-Y to 885 million Egyptian pounds in 1Q23. Commenting on the results, EFG Hermes Holding’s Group CEO, Karim Awad says, “I am delighted to report that the Group delivered a remarkable performance for the first quarter of 2023, demonstrating the resilience and dynamism of our