Egypt EFG Hermes Holding’s Q1 2023 profit up 157%

Egypt’s EFG Hermes Holding has announced a profit after tax of EGP 885 million ($28.58 million) for the first quarter of 2023, up 157% on 2022.

The bank said it had achieved record revenues of EGP 4.5 billion, up 129%, despite growing inflationary pressure in Egypt and the country’s currency devaluation, which impacted its regional office expenses and increased operating expenses by 148%. 

Group CEO, Karim Awad said EFG’s investment banking division had executed a “strong pipeline” of deals during the quarter worth an aggregate of $2.9 billion, including Abraaj Energy Services on the Muscat Stock Exchange and ADNOC Gas on the Abu Dhabi Securities Exchange (ADX).