EFG Holding’s net income rose 20% y-o-y to EGP 405 mn in 2Q 2023 , according to a press release (pdf) on the company’s latest financial results. Revenue was up 51% during the quarter to reach almost EGP 3.1 bn “on the back of broad-based growth across the investment bank (EFG Hermes), the commercial bank (aiBANK), and the non-bank financial institutions (NBFIs) platform (EFG Finance), the release read. On a 1H basis, EFG Holding saw both net income and revenue rise 89% y-o-y, it said.

The breakdown:

  • Revenues at EFG Hermes’ investment bank rose 61% y-o-y to EGP 1.6 bn in 2Q, driven primarily by higher brokerage and treasury revenues.
  • aiBANK’s revenues rose 58% y-o-y to EGP 888 mn, driven by a 43% y-o-y increase in net interest income and a 181% y-o-y increase in net fees and commission income during the quarter.
  • NBFI platform EFG Finance reported revenues of EGP 620 mn in the quarter, up 23% y-o-y. This was driven by a near tripling in revenue at consumer finance arm valU to EGP 207 mn.

What they said: “Our divisions continue to deliver on our strategies on both the buy and sell-side at EFG Hermes,” group CEO Karim Awad said. “Moreover, I am also thrilled with the performance of EFG Finance and aiBank as they continue to reap the rewards of increased demand for their diverse suite of financial solutions and banking services,” he said.

Tags: