EFG Holding, a financial institution with a universal bank in Egypt and the leading investment bank in the Middle East and North Africa (MENA), reported its highest-ever revenues of EGP14.7 billion ($312.78 million), representing a 34% year-on-year growth.

 

The growth was fuelled by the stellar performance of its investment bank’s (EFG Hermes) sell-side and buy-side, Valu, and its commercial bank arm, aiBANK, it said.  

 

EFG Holding operating expenses rose 35% Y-o-Y on higher employee expenses and other G&A, particularly at EFG Hermes, followed by aiBANK, and higher provisions and ECL across EFG Finance’s lines of business and aiBANK. 

 

In terms of profitability, the group's net operating profit increased 32% Y-o-Y to EGP4.9 billion.

 

Meanwhile, net profit rose 47% Y-o-Y to EGP3.2 billion in FY23, driven primarily by Brokerage, Asset Management, Valu, and aiBANK’s growth in profitability. Meanwhile, the Group’s net profit after tax and minority interest came in at EGP 2.5 billion, up 39% Y-o-Y, and the Group’s total assets stood at EGP 121.9 billion at the end of December 2023.

 

Karim Awad, Group CEO of EFG Holding, said: “The exceptional performance of EFG Holding in 2023 stands as a testament to our team's unwavering dedication in navigating challenging economic conditions, our steadfast commitment to excellence, and our strategic foresight. With our unprecedented revenues and impressive profitability, we continue to set the standard in the financial industry in the MENA region, providing value and fostering growth across our diverse range of services. The record-breaking financial results, driven by the remarkable contributions of EFG Hermes and aiBANK, underscores the strength of our strategic vision that revolutionized our business model years ago, as well as our enduring commitment to delivering excellence to our clients, shareholders, and communities. Our dedication to innovation and sustainable growth remains resolute.” – TradeArabia News Service