Egypt’s EFG Holding has reported a 34% per cent increase in revenue year-on-year (YoY) to a record EGP 14.7 billion, driven by growth across all business segments – EFG Hermes (its investment bank), Valu (sell-side and buy-side) and its commercial bank arm, aiBANK.
The banking group’s net profit rose 47% YoY to EGP 3.2 billion in 2023, supported by the increase in profit at its brokerage division, asset management, Valu, and aiBANK. Meanwhile, the group’s total assets stood at EGP 121.9 billion at the end of December 2023.
“With our unprecedented revenues and impressive profitability, we continue to set the standard in the financial industry in the MENA region, providing value and fostering growth across our diverse range of services,” said Karim Awad, Group CEO of EFG Holding.
“The record-breaking financial results, driven by the remarkable contributions of EFG Hermes and aiBANK, underscores the strength of our strategic vision that revolutionised our business model years ago, as well as our enduring commitment to delivering excellence to our clients, shareholders, and communities. Our dedication to innovation and sustainable growth remains resolute.”
EFG Hermes had a strong year, with its revenues rising 32% YoY to EGP 8.1 billion in 2023, driven primarily by its core operations, the sell-side, and the buy-side. The investment bank’s net profit after tax and minority interest increased 20% to record EGP 1.6 billion compared to EGP 1.3 billion in 2022.
Revenues at EFG Finance, the group’s non-bank financial institutions (NBFI) platform, rose 17% YoY to reach EGP 3.0 billion in 2023, underpinned by Valu, which drove the NBFI’s top and bottom line in FY23, with its revenues surging 78% YoY to EGP 1.2 billion.
EFG Corp-Solutions’ revenues from the leasing side of the business rose 23% YoY to EGP 363 million while the factoring side added 45% YoY to EGP 120 million. Meanwhile, Tanmeyah’s revenues declined 14% YoY to EGP 1.3 billion and Fatura reported higher revenues, up 45% YoY.
aiBANK experienced a robust year, as the Bank saw its revenues soar 61% YoY to EGP 3.6 billion in 2023, driven by higher net interest income on the back of loan book growth. The bank’s net profit more than doubled, increasing by 117% YoY to EGP 1.1 billion.
