{"id":587623,"date":"2023-05-30T00:00:00","date_gmt":"2023-05-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/30\/contact-financials-net-income-up-3-in-1q-2023\/"},"modified":"2023-05-30T00:00:00","modified_gmt":"2023-05-30T00:00:00","slug":"contact-financials-net-income-up-3-in-1q-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/30\/contact-financials-net-income-up-3-in-1q-2023\/","title":{"rendered":"Contact Financial\u2019s net income up 3% in 1Q 2023"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Contact Financial Holding\u2019s normalized net income rose 3% y-o-y to EGP 178 mn in 1Q <\/span><span style=\"font-weight:700\">2023<\/span><span style=\"\">, as a jump in income at the company\u2019s ins. division offset falling financing <\/span><span style=\"\">revenues<\/span><span style=\"\">, according to the company\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1554.pdf\" style=\"\">earnings<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1554.pdf\" style=\"\">release<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1554.pdf\" style=\"\">(pdf)<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">In detail:<\/span><span style=\"\"> Net income at the NBFS player\u2019s ins. division rose 35% y-o-y to EGP 25 mn thanks to robust results at Sarwa Life and Sarwa Ins., whose total gross written premiums grew 73% y-o-y to a combined EGP 437 mn. <\/span><span style=\"font-weight:400;\">Meanwhile, net income at the financing division fell 14% as a strong expansion of new financing failed to offset a rise in credit loss provisions to \u201chedge against potential increases in credit risk during the ongoing economic turbulence.\u201d New financing surged 66% y-o-y to a record EGP 4.1 bn, driven primarily by the company\u2019s consumer finance and auto loan products, which posted new growth of 179% and 81%, respectively.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What they said: <\/span><span>\u201cOur results in the first quarter of 2023 came in the midst of difficult domestic and global macroeconomic environments, further showcasing our company\u2019s resilience and the effectiveness of our mitigation and investment strategies,\u201d management said. <\/span><span style=\"font-weight:400;\">\u201cExpanding and enhancing our digital capabilities continues to be at the top of our list. In parallel, we remain on the lookout for attractive investment opportunities to provide new services to our customers and new growth avenues for the company.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Growth in ins. net income offset a drop in net financing earnings<\/p>\n","protected":false},"author":1,"featured_media":587624,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7208],"tags":[933,409,72,7087,595],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587623","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-contact-financial","tag-earnings-watch","tag-enterpriseam","tag-finance","tag-non-banking-financial-services","wpautop","entry"],"acf":{"mongo_id":"9b99d3a4-34a7-4b0e-81ea-a69101426174","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/1598.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Contact Financial\u2019s net income up 3% in 1Q 2023","related_issue":[587606],"teaser":"Growth in ins. net income offset a drop in net financing earnings","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.d34bb6b2-b4a0-4350-b702-0825c9921fe2.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Contact Financial\u2019s net income up 3% in 1Q 2023 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/30\/contact-financials-net-income-up-3-in-1q-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Contact Financial\u2019s net income up 3% in 1Q 2023\" \/>\n<meta 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