What:
EFG Holding, the financial services giant, released its earnings for the fiscal year 2023. What follows is a run-through of all the numbers we think you should care about…
Revenues:
Reaching an unprecedented peak, revenues surged by an impressive 34% YoY to an astounding EGP 14.7 billion.
Their earnings report highlights that this remarkable achievement was propelled by a surge in brokerage commissions, particularly from Egyptian operations, and substantial unrealized gains on investments.
Furthermore, the robust growth in asset management incentive fees, alongside the continued upward trajectory in ValU’s revenues fueled by its exceptional expansion, and the notable top-line growth of aiBANK, all contributed to this extraordinary milestone.
Operating Expenses:
They surged by 35% YoY to EGP 9.8 billion.
They were primarily driven by elevated employee expenses and general andl administrative costs, notably at EFG Hermes and aiBANK.
Additionally, increased provisions and expected credit loss across various EFG Finance business lines and aiBANK contributed to this rise.
Net Profit:
The Group’s net profit after tax and minority interest came at EGP 2.5 billion, up 39% YoY, driven primarily by Brokerage, Asset Management, Valu, and aiBANK.
