Egypt: EFG Hermes reports increase in revenues to $93.63mln in 3Q 2022

Egypt: EFG Hermes reports increase in revenues to $93.63mln in 3Q 2022

EFG Hermes announced Wednesday 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 650m, up 70% Y-o-Y in 3Q 2022 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 fuelled 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 continued to go from strength to strength, forging value-accretive partnerships, acquisitions, and investments during the quarter on its way