EFG Hermes Holding records robust revenue growth of 77%

EFG Hermes Holding records robust revenue growth of 77%

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 full-year ended 2022. The Group’s revenues grew by 77% Y-o-Y to EGP 11.0 billion in FY22 on the back of robust results generated from its core operational platforms, including the Investment Bank, Non-Bank Financial Institutions (NBFI) platform, and the consolidation of aiBANK revenues in FY22. In terms of profitability, the Group net operating profit increased 63% Y-o-Y to EGP 3.7 billion, despite an 85% Y-o-Y increase in the Group’s operating expenses to EGP 7.3 billion due to rising inflationary pressures, USD denominated expenses in regional offices, and growth of business operations. Meanwhile, the Group net profit before tax grew by 63% to EGP 3.3 billion, while net profit after tax and minority interest recorded an increase of 18% Y-o-Y to EGP 1.8 billion in FY22, subdued by taxes and deferred taxes. EFG Hermes Holding’s Group CEO Karim Awad commented on the results: “In spite of the high inflationary pressures, challenging interest rate environment, and soaring commodity prices witnessed in 2022 that dampened global capital market activity, we managed to