{"id":620713,"date":"2024-05-26T00:00:00","date_gmt":"2024-05-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/26\/efg-holdings-net-income-more-than-doubles-in-1q-2024\/"},"modified":"2024-05-26T00:00:00","modified_gmt":"2024-05-26T00:00:00","slug":"efg-holdings-net-income-more-than-doubles-in-1q-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/26\/efg-holdings-net-income-more-than-doubles-in-1q-2024\/","title":{"rendered":"EFG Holding\u2019s net income more than doubles in 1Q 2024"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>EFG <\/strong><strong>Holding\u2019s<\/strong><strong> financials off to a \u201cgood start\u201d this year: <\/strong>EFG Holding\u2019s 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 <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1958.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The breakdown:<\/strong><\/p>\n<ul>\n<li>Investment bank <strong>EFG Hermes<\/strong>\u2019 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\u2019s net profit after tax and minority interest was up 94% y-o-y to EGP 1.4 bn<\/li>\n<li>NBFI <strong>EFG Finance<\/strong> 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.<\/li>\n<li><strong>aiBANK<\/strong>\u2019s revenues climbed 75% y-o-y to EGP 1.3 bn, underpinned by higher net interest income \u2014 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. <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said: <\/strong>\u201cOur 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,\u201d said group CEO Karim Awad in a separate <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1945.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>.<\/p>\n<p class=\"tag-border-left\">ALSO FROM EFG HOLDING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EFG Holding to roll out share buyback program: <\/strong>EFG Holding\u2019s board of directors has approved the repurchase of 25 mn shares \u2014 equivalent to 1.7% of the company\u2019s shares \u2014 on the open market. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Part of a larger program: <\/strong>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 \u2014 either through the distribution of dividends or more share buybacks.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company\u2019s revenues climbed 92% y-o-y during the quarter<\/p>\n","protected":false},"author":1,"featured_media":620714,"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":[204,409,7107,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-620713","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-banking","tag-earnings-watch","tag-efg-holding","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"9ac04414-8ec0-49fe-a00c-6632f5943bd6","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/1961.jpg","photo_position":"above","homepage_title":"","full_issue_title":"EFG Holding\u2019s net income more than doubles in 1Q 2024","related_issue":[620704],"teaser":"The company\u2019s revenues climbed 92% y-o-y during the quarter","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.df4bcf64-9436-424f-a3f7-da184800beed.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>EFG Holding\u2019s net income more than doubles in 1Q 2024 - 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\/2024\/05\/26\/efg-holdings-net-income-more-than-doubles-in-1q-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EFG Holding\u2019s net income more than doubles in 1Q 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arms all reported revenue growth","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/530.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587329,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/25\/efg-revenue-earnings-more-than-double-y-o-y-in-1q-2023\/","url_meta":{"origin":620713,"position":1},"title":"EFG revenue, earnings more than double y-o-y in 1Q 2023","author":"enterpriseam admin","date":"25 May 2023","format":false,"excerpt":"Revenues more than tripled at the company\u2019s investment bank","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/511.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548711,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/18\/earnings-watch-efg-hermes-palm-hills-swvl\/","url_meta":{"origin":620713,"position":2},"title":"Earnings Watch: EFG Hermes, Palm Hills, Swvl","author":"enterpriseam admin","date":"18 August 2022","format":false,"excerpt":"EFG Hermes\u2019 net income after tax and minority interest eased 15% y-o-y to EGP 344 mn in 2Q 2022 on higher taxes and minority interest after the consolidation of aiBank, according to its earnings release (pdf).The group\u2019s operating revenues rose 28% y-o-y to EGP 2.1 bn during the quarter, boosted\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS 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WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1885.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546738,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/26\/earnings-efg-hermes-contact-financial-elsewedy-electric-report-strong-1q-2022-results\/","url_meta":{"origin":620713,"position":4},"title":"Earnings: EFG Hermes, Contact Financial, Elsewedy Electric report strong 1Q 2022 results","author":"enterpriseam admin","date":"26 May 2022","format":false,"excerpt":"EFG Hermes\u2019 net income rose 18% y-o-y to EGP 345 mn in 1Q 2022, the bank said in its earning release (pdf) yesterday. Revenues were up 55% y-o-y to EGP 1.9 bn. Revenue growth was underpinned by a strong quarter for EFG\u2019s core businesses despite a challenging operating environment. Top\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/354.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":639825,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/15\/efg-holding-edita-raya-holding-more-report-quarterly-earnings\/","url_meta":{"origin":620713,"position":5},"title":"EFG Holding, Edita, Raya Holding, more report quarterly earnings","author":"enterpriseam admin","date":"15 August 2024","format":false,"excerpt":"EFG Holding saw its net income after tax and minority interest almost double y-o-y during 2Q 2024","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1775.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/620713","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=620713"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/620713\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/620704"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/620714"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=620713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=620713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=620713"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=620713"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=620713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}