EFG Hermes Holding reports 26% increase in net profit for first nine months of 2021

EFG Hermes Holding reports 26% increase in net profit for first nine months of 2021

EFG Hermes Holding has reported EGP1.1bn in net profit for the first nine months of 2021, marking a 26 per cent year-on-year increase. Its revenues from January through September also rose 8 per cent over the same period last year to reach EGP4bn. The group’s operating expenses declined 14 per cent year-on-year to reach EGP760m in 3Q21, predominately on lower employee expenses. For the third quarter, EFG Hermes’s net profit after tax and minority interest stood at EGP356m, down 16 per cent year-on-year, while its sell-side revenues grew 45 per cent year-on-year to EGP406m. “EFG Hermes’ core operations have continued to deliver solid performances and to play a vital role in fortifying the group’s position,” said EFG Hermes Holding’s group CEO Karim Awad. “Our NBFI platform has continued to perform exceptionally well, with our microfinance platform, Tanmeyah, booking a record high portfolio value of EGP3.5bn, the highest since Tanmeyah’s inception. Moreover, our buy-now, pay-later (BNPL) fintech player, valU, continued to expand its relationships with merchants and grow its portfolio of clients. “At our sell-side operations, I am pleased with our investment banking division, where the team closed a record-breaking nine transactions in a single quarter, worth over $2.6bn.” On the