Contact Financial’s net income rose 14% y-o-y in 2023

EARNINGS-

Contact Financial reports “impressive” results for 2023: Non-banking financial services firm Contact Financial saw its normalized net income rise 14% y-o-y to EGP 693 mn in 2023 on the back of growth in its financing and ins. divisions, the company said in a press release (pdf).

Auto loans and consumer finance helped drive growth: Contact’s financing division saw itsnet income grow 30% y-o-y to EGP 625 mn in 2023, with new financing rising 46% y-o-y to reach EGP 16.6 bn during the period. New financing in auto loans was up 93% y-o-y, while new financing in its consumer finance segment grew 41% y-o-y.