Cairo – Mubasher: Egyptian Financial Group Hermes Holding (EFG Hermes) reported a year-on-year (YoY) surge of 12% in revenues to EGP 6.1 billion in 2021, exceeding the EGP 6 billion mark for the first time.
EFG Hermes achieved a 12% YoY growth as well in net profit after tax and minority interest to EGP 1.5 billion last year, according to a press release on Thursday.
The 2021 financial performance of the universal bank in Egypt was endorsed by several factors, including the consolidation of Arab Investment Bank (aiBank) of November and December figures following the 51% acquisition of the bank’s shares in the fourth quarter (Q4) of 2021.
EFG Hermes’ Group CEO, Karim Awad, said: “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.”
He added: “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.”
The group’s net profits last year were backed by the continued upward trajectory of the NBFI platform and aiBANK, which accounted for EGP 38 million of the bottom line.
EFG Hermes officially became an Egyptian universal bank after the stake acquisition in aiBank last November. aiBANK revenue has contributed EGP 306 million to EFG Hermes’ top line in 2021.
In a statement to the Egyptian Exchange (EGX), EFG Hermes said its board recommended distributing one bonus share for every five owned shares to the shareholders for 2021.
During the first nine months (9M) of 2021, the holding group saw a 32.22% rise in its consolidated net profits to EGP 1.12 billion, compared to EGP 849.8 million in 9M-20.
