EFG Hermes, financial services corporation in Frontier Emerging Markets (FEM), reported today its results in the second quarter (Q2) of 2018, recording a net profit after tax and minority interest of EGP 200m on revenues of EGP 1,004m. Adjusting for one-off gains related to the sale of a stake in Credit Libanais realised in the comparable period of last year, the normalized Group revenues would be up 28% Y-o-Y in Q2 2018.
Fees and commission income climbed 17% year-over-year to EGP 748m in Q2 2018, with almost all business lines recording revenue growth.
The group’s performance was supported by accelerated growth at its non-bank financial institutions (NBFIs) platform, particularly Tanmeyah Micro Enterprise Services (Tanmeyah), as well as solid contributions from the group’s buy-side business.
Meanwhile, the group’s capital markets and treasury operations reported revenues of EGP 256m in the Q2 2018.
For his part, Karim Awad, EFG Hermes Group CEO stated that EFG`s results in the Q2 demonstrate how the firm’s diversification and geographic expansion strategy allows it to post strong results amid challenging market conditions.
“Our venture to build a leading NBFI platform is delivering strong results with revenues almost doubling compared to last year, while our investment bank is consistently gaining strong footing in newly-entered territories and driving our long term growth momentum,” he assured.