EFG Hermes Holding carries forward strong momentum and delivers 28% Y-o-Y revenue

EFG Hermes Holding carries forward strong momentum and delivers 28% Y-o-Y revenue

Group operating revenues grew by 28% Y-o-Y to EGP2.1 billion in 2Q2022 despite a turbulent global macro-economic backdrop

Cairo: EFG Hermes Holding, an impact-driven universal bank in Egypt and the leading investment bank franchise in Frontier Emerging Markets (FEM), announced today its results for the second quarter of 2022. The Group recorded a 28% Y-o-Y increase in revenues to EGP 2.1 billion on the back of strong growth at the sell-side business coupled with the consolidation of aiBANK’s revenues in 2Q2022. This translated into a Group net profit before tax of EGP 623 million, up by 8% Y-o-Y in 2Q2022 and reflects the resilient performance of EFG Hermes’ core operations.

The Group’s increasingly diversified business model, which aligns with EFG Hermes’ overarching strategy to unlock and generate increased value for stakeholders from multiple channels, has seen the Group generate 48% of its revenues from the Investment Bank, 24% from the NBFI platform, and the remaining 27% from the consolidation of its recent majority stake acquisition in aiBANK in 2Q2022.

“We have successfully carried forward our strong momentum from the start of the year and delivered strong top-line results driven by our various businesses and the consolidation of the Group’s recent majority stake acquisition