EFG Hermes Holding, a leading investment bank franchise in Frontier Emerging Markets (FEM), has reported a revenue EGP6.1 billion ($330 million) during 2021, reflecting a year-on-year (Y-o-Y) increase of 12%.

Meanwhile, net profit after tax and minority interest recorded EGP1.5 billion, another 12% Y-o-Y gain.

The robust financial performance was supported by several lines of business across the Group, coupled with the consolidation of aiBANK (November and December figures) following the completion of a 51% acquisition of the bank’s shares in 4Q21. aiBANK revenue helped buoy performance, contributing EGP306 million to the Group’s top line in FY21.

EFG Hermes Holding’s Group CEO Karim Awad said: “I am extremely pleased with our performance this year. We’ve continued to gain ground by capitalizing on compelling opportunities and hitting milestones operationally across all our lines of business despite prevailing market headwinds.”

“Our Non-Bank Financial Institutions (NBFI) platform delivered yet another year of solid results: leading microfinance player Tanmeyah continued to make up the lion’s share of revenue while our BNPL powerhouse valU saw total transactions more than double during the year.

“The Sell-side business also delivered outstanding results, with the Investment Banking division reporting an all-time high top line figure after having closed a record number of transactions in a single year. Together, these achievements have allowed us to maintain our standing as the leading financial services player in FEM,” he added.

EFG Hermes Holding’s net profit after tax and minority interest came in at EGP1.5 billion, up 12% Y-o-Y largely driven by the continued upward trajectory of the NBFI platform as well as aiBANK, which contributed EGP38 million to the bottom line.

“Today, the world is grappling with the end of quantitative easing and continuing inflationary pressure in addition to major geopolitical headwinds. As I look back, I am confident now more than ever that our strategies over the last five years — from expansion into FEMs, to the diversification into NBFIs, and the entrance into the commercial banking space — have not only borne fruit but have given us the ability to withstand very tough and turbulent market conditions,” said Awad.

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