EFG Hermes reports a near two-fold increase in revenues in the third quarter 2022

EFG Hermes reports a near two-fold increase in revenues in the third quarter 2022

EFG Hermes, an impact-driven universal bank in Egypt and the leading investment bank franchise in Frontier and Emerging Markets (FEM), announced its results for the third quarter of 2022. Group revenues surged 95% Y-o-Y to EGP 2.3 billion in 3Q 2022, driven by strong results booked by the Investment Bank and Non-Bank Financial Institution (NBFI) platform as well as the consolidation of aiBANK revenues during the period. This filtered through to a Group net profit before tax of EGP 650 million, up 70% Y-o-Y in 3Q22 and reflecting buoyant performance by each of the Group’s lines of business. EFG Hermes Holding’s Group CEO Karim Awad commented on the results: “Despite a challenging global economic backdrop fueled by rising inflationary pressures, global supply chain constraints, and the recent devaluation of the Egyptian pound, the Group reported an impressive set of results for the period on the back of our tried-and-tested business model and diversity of our operations. On the Investment Bank side of the house, we continued to showcase the success of our world-class advisory services and innovative product offerings, having executed a total of eight M&A, debt, and equity capital market transactions, including two milestone cross-border acquisitions. The NBFI platform