Thursday 24 May 2018

Karim Awad

EFG Hermes posts Q1 profit of $13m

CAIRO, May 15, 2017

EFG Hermes, a leading financial services corporation in the Middle East and North Africa, reported today strong first quarter results, with net profit after tax and minority interest from continued operations of EGP236 million ($13.04 million).

Total operating revenue reached EGP825 million in Q1, 2017, up from EGP400 million in the same quarter of last year, an increase of 106% underpinned by a significant improvement in revenues generated from our traditional agency business, our non-bank finance institution (NBFI), which presently includes EFG Hermes Leasing and Tanmeyah Microfinance in Egypt and from treasury operations.

“We are pleased to report a strong start to the year on the back of a continued recovery in regional markets during the first two months of this year,” said group chief executive officer Karim Awad. “Our revenue growth reflects both the robust health of our traditional agency business and a growing contribution from our non-bank financial institution. During the second quarter of 2017, we will continue to lay the foundation for profitable revenue growth as we begin integrating our newly acquired Pakistan operation into our platform and press ahead with the rollout of our frontier markets, more NBFI products and merchant banking strategies.” – TradeArabia News Service

Tags: Mena | Bank | EFG hermes |

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