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Our friends at EFG Holding closed out 2024 with record revenues of EGP 24.4 bn, up 66% from 2023, on the back of solid growth across its three verticals — investment bank EFG Hermes, commercial bank Bank NXT, and NBFI EFG Finance — the company said in its latest earnings release (pdf) and accompanying statement (pdf). The company saw its net income rise 71% y-o-y to EGP 4.3 bn during the same period. On a quarterly basis, revenues were up 39% y-o-y to EGP 5.8 bn in 4Q 2024, while net income rose 17% y-o-y to EGP 945 mn.
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Its investment bank EFG Hermes saw its revenue climb 81% y-o-y in 2024 to EGP 14.7 bn, driven by “unrealized gains on investments/seed capital, foreign exchange gains, and outstanding sell-side performance.” During the year the division’s net income increased 63% y-o-y to EGP 2.5 bn. While on a quarterly basis, revenues were up 47% y-o-y to EGP 3.1 bn and net income rose 15% to EGP 515 mn.
The group’s NBFI arm EFG Finance reported EGP 4.8 bn in revenue for 2024, up 60% y-o-y, with Valu and Tanmeyah leading the growth, driven by higher net interest income and loan book expansion. The unit’s net income more than doubled during the year, increasing 134% y-o-y to EGP 815 mn. During the last quarter of the year, revenues saw a 51% y-o-y rise to EGP 1.5 bn, while net income was up 13% y-o-y to record EGP 203 mn.
EFG’s commercial banking arm Bank NXT delivered a strong performance, with revenues rising 37% y-o-y during 2024 to EGP 5.0 bn, driven by a 54% increase in net interest income to EGP 3.9 bn. The lender’s net income rose 54% y-o-y to EGP 1.8 bn, with EGP 909 mn belonging to EFG Holding. Zooming in, revenues were up 11% y-o-y to EGP 1.2 bn during 4Q 2024 and net income increased 26% y-o-y to EGP 227 mn during the quarter.
What they said: “Leveraging our strong balance sheet and expanding regional presence, we remain committed to seizing new opportunities and driving sustainable growth. The continued expansion of our investment bank in the GCC, alongside the positive momentum of Valu, Bank NXT, and Tanmeyah, reflects the strength of our strategy and adaptability,” said Group CEO Karim Awad.
