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EFG Holding quarterly revenues surge 63% to $104m

By Pramod Kumar
A branch of EFG Hermes investment bank in Cairo. The group's net profit rose 95 percent year on year Reuters/Amr Abdallah Dalsh
A branch of EFG Hermes investment bank in Cairo. The group's net profit rose 95 percent year on year

Egypt-based EFG Holding said revenues surged 63 percent year on year to EGP5.1 billion ($104 million) in the second quarter of 2024 thanks to strong income from the investment banking division.

The group’s different verticals – investment bank EFG Hermes, EFG Finance, the non-bank financial institution and aiBank, the commercial bank – all posted strong growth in the second quarter.

The group’s net profit rose 95 percent year on year to EGP791 million.

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Operating expenses, however, increased 59 percent yearly to EGP3.4 billion in the second quarter due to the impact of the currency devaluation and high inflation.

Revenue of EFG Hermes rose 74 percent year on year to EGP2.8 billion in Q2 2024, which reached an all-time high. Net profit for the division jumped 72 percent annually to EGP305 million.

EFG Finance reported revenues of 70 percent to EGP1.1 billion. Net operating profit was up 167 percent to EGP383 million.  

Meanwhile, aiBank revenues soared 39 percent year on year to EGP1.2 billion, driven by higher net interest income amid loan book growth and enhanced net interest margins.

Net profit climbed 55 percent year on year to EGP426 million as revenue growth outpaced expenses.

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