EFG Holding’s Q2 2023 revenue jumps 51% to $844m

EFG Holding’s Q2 2023 revenue jumps 51% to $844m

Image courtesy: Supplied

EFG Holding posted higher quarterly revenue and profit, buoyed by broad-based growth across the investment bank (EFG Hermes), the commercial bank (aiBANK), and the non-bank financial institutions platform (EFG Finance).

The group’s revenues in the three months to June 30 surged by 51 per cent year-on-year (YoY) to $844m (EGP3.1bn) while its net profit after tax and minority interest rose by 20 per cent to reach EGP405m.

“Our performance for the period continues to reflect our commitment to operational excellence across the markets we operate in, which saw our divisions continue to deliver on our strategies on both the buy- and sell-side at EFG Hermes,” said Karim Awad, EFG Holding’s group CEO.

“This performance stands testament to the value creation possibilities from the Group’s comprehensive and diverse business model.”

EFG Hermes

EFG Hermes continued to build on its success at the start of the year and successfully concluded two equity transactions and three debt transactions worth an aggregated value of $1.1bn, further cementing its position as the advisory house of choice.

The investment division acted as a joint book-runner on the initial public offering (IPO) of ADNOC L&S on the Abu Dhabi Securities Exchange and was a joint global coordinator on the IPO