The financing portfolio of Contact Financial Holding jumped to EGP 14.84bn in 2022, compared to EGP 10.31bn during 2021, a growth of 44%.
The company witnessed a growth in the total volume of new financing by an annual rate of 61%, to record EGP 11.4bn in 2022, driven by the performance of consumer financing activities, working capital financing, commercial vehicle financing, and real estate financing.
The total insurance premiums increased by an annual rate of 83% to reach EGP 948m during the past year, compared to $517m a year earlier, as it reflects the benefit of the two insurance companies affiliated with Connecticut from increasing their presence in the market and launching a group of new products.
The group’s net profits grew during the past year by 10% on an annual basis, to record EGP 511m in 2022, compared to $465m in the previous year.
Saeed Zaatar, CEO of Contact Financial Holding, said that the company is focusing its plans on increasing its direct presence through the network of branches and developing the package of services provided.
Zaatar added that the company will focus on increasing its presence in the defense sectors in Egypt during the next year, and increasing interaction with customers.
The company continues to develop its digital platforms to facilitate customer access to products and improve user experience, focusing on credit ratings.
He pointed to the growth in the volume of new financing, mainly driven by the increase in the number of new customers, noting that 50% of new consumer financing customers were granted credit approvals by artificial intelligence technology to assess creditworthiness.
The company also launched a group of new points of sale in commercial centers and stores, which resulted in an increase in the number of financing transactions.