Sarwa Capital achieved consolidated net income after minority interest of EGP 280m in the first nine months (9M) of 2019, up 13% from EGP 248m in 9M 2018, the company announced on Saturday.
Sarwa, Egypt’s leading consumer and structured financial services provider, achieved net
income of EGP 97m in the third quarter of 2019 (3Q 2019), down 3% from 3Q 2018.
As for the company’s total portfolio, it recorded EGP 6.4bn, marking a 12% increase year-over-year (YoY), while the Annualised Return on Average Equity recorded 21.4%, and the Annualised Return on Average Assets recorded 6% for 9M 2019.
Furthermore, separating the insurance business, normalised net profit came in at EGP 292m for
9M 2019, up 18% from the period ending 9M 2018, and EGP 102m for the 3Q 2019, up 1% from EGP 100m 3Q 2018.
“We are pleased to report our interim results for the first nine months of the year, demonstrating solid financials through a period of substantial expansion and important milestones, while navigating volatile asset markets and changing financial markets conditions. Our focus on healthy economics in a tight market, further supported by investments in new capabilities and technologies, puts us in a strong position going forward,” the company’s management commented.
They added that they expect a strong close for the year end and to head into 2020 with robust momentum and with a number of product launches and technological implementations coming into
play in both the financing and insurance divisions.