Revenues and income up for EFG Holding in 2023: EFG Holding recorded its highest-ever recorded revenues in 2023, recording EGP 14.7 bn, up 34% y-o-y from 2022, on the back of growth at its investment bank EFG Hermes, Valu, and its commercial bank aiBank, according to a statement(pdf) from the company. The company reported net income after tax and minority interest increasing up 39% y-o-y to EGP 2.5 bn.

The breakdown:

  • aiBank’s revenues grew 61%y-o-y in 2023, to come in atEGP 3.6 bn, mainly driven by higher net interest income, commissions, and fees. Its bottom line more than doubled to stand at EGP 1.1 bn, up 117% y-o-y.
  • Investment bank EFG Hermes revenues grew 32% y-o-y to stand at EGP 8.1 bn, driven “primarily by its core operations, the sell-side, and the buy-side.” Its net income after tax and minority interest increased 20% y-o-y to EGP 1.6 bn.
  • The group’s NBFI arm EFG Finance saw its net income after tax and minority interest rise 51% y-o-y to EGP 349 mn. Revenues were up 17% y-o-y to record EGP 3 bn for the year. This was driven by consumer finance platform Valu’s top line climbing 78% y-o-y, coming at EGP 1.2 bn.

Looking ahead: “With Egypt's market taking a pivotal turn following the recent floatation, EFG Holding looks ahead with optimism towards our future endeavors. Our robust balance sheet has been strategically hedged to withstand the fluctuations in the EGP, while our expanding regional operations consistently yield considerable USD revenues annually,” said CEO Karim Awad.

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