EFG Holding’s financials off to a “good start” this year: EFG Holding’s net income after tax and minority interest jumped 110% y-o-y in 1Q 2024 to EGP 1.8 bn, the company said in its latest earnings release (pdf). Revenues during the quarter climbed 92% y-o-y to EGP 8.6 bn on the back of strong growth across its lines of business as well as FX gains driven by the float of the EGP.

The breakdown:

  • Investment bank EFG Hermes’ revenues were up 104% y-o-y to EGP 6.2 bn during the quarter, driven primarily by holding and treasury activities, which picked up after the EGP lost more than half of its value. The investment bank’s net profit after tax and minority interest was up 94% y-o-y to EGP 1.4 bn
  • NBFI EFG Finance reported revenues of EGP 1.1 bn, up 58% y-o-y primarily due to growth at fintech platform Valu and leasing activity. Net profit after tax and minority interest jumped 280% y-o-y to EGP 142 mn.
  • aiBANK’s revenues climbed 75% y-o-y to EGP 1.3 bn, underpinned by higher net interest income — which grew on the back of loan book growth as well as an increase in corridor rates. Net profit after tax came in at EGP 475 mn, up 173% y-o-y.

What they said: “Our strong first quarter results underscore the resilience and adaptability of our diversified business model. Despite a dynamic and sometimes challenging market environment, we have successfully leveraged strategic initiatives and operational efficiencies throughout the group,” said group CEO Karim Awad in a separate statement (pdf).

ALSO FROM EFG HOLDING-

EFG Holding to roll out share buyback program: EFG Holding’s board of directors has approved the repurchase of 25 mn shares — equivalent to 1.7% of the company’s shares — on the open market.

Part of a larger program: The share buyback is part of a wider program that will see EFG Holding return an additional EGP 400 mn to shareholders within 18 months — either through the distribution of dividends or more share buybacks.

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