By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Tatweer Misr breaks sales record in H1 2023
    Tatweer Misr breaks sales record in H1 2023
    September 25, 2023
    Real estate exports boost Egypt’s economy, Cityscape panel reveals
    Real estate exports boost Egypt’s economy, Cityscape panel reveals
    September 25, 2023
    SODIC reports 22% sales growth in 2023
    SODIC reports 22% sales growth in 2023
    September 25, 2023
    Huawei partners with Egypt to transfer modern technologies for digital transformation: Madkour
    Huawei partners with Egypt to transfer modern technologies for digital transformation: Madkour
    September 25, 2023
    HSBC plans climate tech funding push
    HSBC plans climate tech funding push
    September 25, 2023
  • Politics
    PoliticsShow More
    Presidential election in Egypt set for 10-12 December
    Presidential election in Egypt set for 10-12 December
    September 25, 2023
    Defence Minister meets NATO Military Committee chief
    Defence Minister meets NATO Military Committee chief
    September 25, 2023
    Egypt, Jordan, and Iraq discuss economic, political cooperation in New York
    Egypt, Jordan, and Iraq discuss economic, political cooperation in New York
    September 24, 2023
    Al-Sisi highlights opportunities for mutual benefit with China
    Al-Sisi highlights opportunities for mutual benefit with China
    September 24, 2023
    Egypt, India affirm their strategic partnership, discuss regional issues
    Egypt, India affirm their strategic partnership, discuss regional issues
    September 24, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: EFG Hermes reports increase in revenues to EGP 2.3bn in 3Q 2022
Share
Notification
Latest News
Presidential election in Egypt set for 10-12 December
Presidential election in Egypt set for 10-12 December
Politics Egypt
Tatweer Misr breaks sales record in H1 2023
Tatweer Misr breaks sales record in H1 2023
Business
Real estate exports boost Egypt’s economy, Cityscape panel reveals
Real estate exports boost Egypt’s economy, Cityscape panel reveals
Business
SODIC reports 22% sales growth in 2023
SODIC reports 22% sales growth in 2023
Business
Huawei partners with Egypt to transfer modern technologies for digital transformation: Madkour
Huawei partners with Egypt to transfer modern technologies for digital transformation: Madkour
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
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
Share
EFG Hermes reports increase in revenues to EGP 2.3bn in 3Q 2022
SHARE

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.”

You Might Also Like

Tatweer Misr breaks sales record in H1 2023

Real estate exports boost Egypt’s economy, Cityscape panel reveals

SODIC reports 22% sales growth in 2023

Huawei partners with Egypt to transfer modern technologies for digital transformation: Madkour

HSBC plans climate tech funding push

TAGGED: EFG Hermes
Share this Article
Facebook Twitter Email Print
Previous Article British Council supports 17 projects to protect heritage at risk with £14m British Council supports 17 projects to protect heritage at risk with £14m
Next Article Microsoft partners with Egyptian Natural Gas Holding to co-develop EGAS sustainability roadmap Microsoft partners with Egyptian Natural Gas Holding to co-develop EGAS sustainability roadmap
Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Presidential election in Egypt set for 10-12 December
Presidential election in Egypt set for 10-12 December
Politics Egypt
Tatweer Misr breaks sales record in H1 2023
Tatweer Misr breaks sales record in H1 2023
Business
Real estate exports boost Egypt’s economy, Cityscape panel reveals
Real estate exports boost Egypt’s economy, Cityscape panel reveals
Business
SODIC reports 22% sales growth in 2023
SODIC reports 22% sales growth in 2023
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?