Egypt’s prominent financial institution, EFG Hermes Holding, announced a remarkable first-quarter profit after tax of EGP 885 million ($28.58 million) for 2023, demonstrating an astounding surge of 157% compared to the previous year. Despite grappling with inflationary pressures and currency devaluation in Egypt, the bank achieved record-breaking revenues of EGP 4.5 billion, marking an impressive increase of 129%.
During this period, EFG Hermes Holding’s investment banking division exhibited exceptional performance by successfully executing a robust pipeline of deals valued at a substantial aggregate of $2.9 billion. Notable transactions included the listing of Abraaj Energy Services on the Muscat Stock Exchange and ADNOC Gas on the Abu Dhabi Securities Exchange (ADX).
The banking group’s resounding success amidst the challenging economic climate underscores its unwavering commitment to delivering superior financial services and capitalizing on investment opportunities. Although inflationary pressures and currency devaluation had an impact on the bank’s regional office expenses, resulting in a 148% increase in operating expenses, EFG Hermes Holding’s resilient performance reflects the expertise and adaptability of its management team.
Karim Awad, the Group CEO, expressed his satisfaction with the results, emphasizing the investment banking division’s strong performance and its significant contribution to the overall success of the bank. The exceptional growth achieved by EFG Hermes Holding in the first quarter of 2023 exemplifies its strategic vision and commitment to delivering value to shareholders.
As Egypt’s financial landscape continues to evolve, EFG Hermes Holding’s remarkable financial performance positions it as a prominent player in the country’s dynamic market. With a proven track record and a strong foothold in the region, the bank remains well-positioned to navigate future challenges and leverage emerging opportunities.
