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Reading: EFG Hermes reports increase in revenues to EGP 2.3bn in 3Q 2022
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Dailynewsegypt > Blog > Business > EFG Hermes reports increase in revenues to EGP 2.3bn in 3Q 2022
Business

EFG Hermes reports increase in revenues to EGP 2.3bn in 3Q 2022

Daily News Egypt
Last updated: 2022/11/19 at 7:08 AM
By Daily News Egypt 4 Min Read
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EFG Hermes reports increase in revenues to EGP 2.3bn in 3Q 2022
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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 to becoming a full-fledged financial service ecosystem. With Tanmeyah’s acquisition of Fatura as well as valU’s acquisition of Paynas, the vertical is consistently growing its offering and powering synergies across its brand universe. As for our commercial banking business, aiBANK’s consolidation continued to prop up Group performance as revenue from the bank climbs with every quarter.”

EFG Hermes’ net operating profit recorded grew 70% Y-o-Y to EGP 716m, while the Group’s net profit after tax and minority interest slipped 5% Y-o-Y to EGP 337m due to an increase in taxes and higher minority interest that resulted from the consolidation of aiBANK.

Meanwhile, Group operating expenses surged 108% Y-o-Y to EGP 1.6bn in 3Q 2022, driven by the consolidation of aiBANK expenses and higher operating expenses at the Investment Bank and the NBFI platform due to rising inflationary pressures and the devaluation of the Egyptian pound during the period.

Awad concluded: “Our results over the past period confirm the Group’s ability to deliver on the goals it set for the year’s final stretch, perfectly positioning us to end 2022 on an excellent note. The acquisition of aiBANK will propel our ambitions to become a financial service powerhouse in our home market of Egypt. At the same time, our NBFI platform is building what we envision will become an end-to-end provider of financial services, empowering people and businesses at every stage of their growth. Simultaneously, the Investment Bank will leverage the outstanding track record both the buy- and sell-side of the business have built over the years to maintain our standing as the advisory partner of choice. These three verticals anchor our ability to capitalize on attractive opportunities on all sides of the house. In saying this, the resilience and unwavering commitment of our talented and hard-working people are what drive EFG Hermes’ growth story and what will cement our position as the premier provider of market-leading financial services throughout our footprint.”

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Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
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Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Business
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