EFG Hermes Holding hits record revenues of EGP 4.5bln and more than doubles bottom-line growth in 1Q23

EFG Hermes Holding hits record revenues of EGP 4.5bln and more than doubles bottom-line growth in 1Q23

Cairo: 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% Y-o-Y increase in revenue to EGP 4.5 billion 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% Y-o-Y during the quarter, operating profit rose 99% Y-o-Y to EGP 1.5 billion, and net profit before tax grew 108% Y-o-Y to EGP 1.4 billion. EFG Hermes Holdings’ net profit after tax and minority interest climbed 157% Y-o-Y to EGP 885 million in 1Q23.

EFG Hermes Holding’s Group CEO, Karim Awad, commented on the results: “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 business model. Despite the challenging global macroeconomic environment, we generated strong results. Our core operational platforms