(MENAFN- Daily News Egypt) EFG Holding, a prominent financial institution with a strong presence in Egypt and the MENA region, reported a 92% year-on-year revenue increase in Q1 2024, reaching EGP 8.6bn. This surge was primarily attributed to exceptional performance across various business lines and the devaluation of the Egyptian pound.
Excluding holding and treasury activities, revenues still showed a robust 70% year-on-year growth, driven by higher revenues from Brokerage, Asset Management, Valu, Leasing, Tanmeyah, and aiBANK.
Despite a 67% increase in total operating costs, EFG Holding's net operating profit and net profit before tax saw significant year-on-year growth of 142% and 137%, respectively. Net profit after tax and minority interest also rose by 110% to EGP 1.8bn.
As part of its commitment to shareholders, EFG Holding announced a share buyback program, authorizing the repurchase of 25 million shares. The company also plans to return an additional EGP 400 million through share buybacks and/or dividend distributions.
Karim Awad, Group CEO of EFG Holding Karim Awad, Group CEO of EFG Holding, expressed confidence in the company's underlying value and highlighted the program as a strategic move to create shareholder value.
EFG Hermes, the investment bank arm, played a key role in the strong Q1 results, with revenues more than doubling year-on-year to EGP 6.2bn. This was largely due to robust performance in holding and treasury activities, sell-side revenues, and buy-side revenues.
EFG Finance, the Group's NBFI platform, also contributed significantly with a 58% year-on-year revenue increase. Similarly, aiBANK continued its upward trajectory, reporting a 75% revenue growth, primarily due to higher net interest income.
Awad concluded by emphasizing the resilience of the Group's diversified business model and the team's commitment to driving sustainable growth across all operations.
EFG Holding's detailed Q1 2024 financial results and management commentary are available for further analysis.
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