EFG Holding’s Income Jumps 66% to a Record $481.7 Million in 2024 Thanks to Strong Business Growth
Egypt-based EFG Holding announced that its revenue grew by 66% compared to last year, reaching a record $481.7 million (EGP 24.4 billion) in 2024. This growth was boosted by strong performance in its three main areas: investment banking (EFG Hermes), commercial banking (Bank NXT), and non-banking financial services (EFG Finance), according to a statement on Wednesday.
Full-Year Performance
The company’s revenue grew because of strong performance from three main areas: its investment banking business (EFG Hermes), its commercial bank (Bank NXT), and its non-banking financial services (EFG Finance), according to the statement.
Operating costs went up by 57%, reaching $306 million (EGP 15.5 billion), mainly due to higher employee and other expenses. Despite this, net operating profit jumped 84% to $175.7 million (EGP 8.9 billion), and net profit after tax and minority interest rose 71% to $84.9 million (EGP 4.3 billion), thanks to profits across all business areas.
Business Performance
EFG Hermes’ revenue increased by 81%, reaching $290.1 million (EGP 14.7 billion). This growth came from investment gains, currency exchange profits, and a 95% rise in sell-side revenues, which reached $146.3 million (EGP 7.4 billion).
Revenue from investment banking jumped 220% to $47.4 million (EGP 2.4 billion), while brokerage revenue grew 65% to $100.8 million (EGP 5.1 billion), helped by strong market performance in the MENA region. Net profit for EFG Hermes rose 63% to $49.4 million (EGP 2.5 billion).
EFG Finance’s revenue grew 60% to $94.8 million (EGP 4.8 billion), led by good results from Valu and Tanmeyah.
- Valu’s revenue increased by 66% to $37.5 million (EGP 1.9 billion), boosted by fees, loans, and securitization profits.
- Tanmeyah’s revenue rose 50% to $37.5 million (EGP 1.9 billion) because of higher net interest income.
- EFG Corp-Solutions, part of EFG Finance, saw its leasing revenue rise 117% to $15.5 million (EGP 787 million).
EFG Finance’s total net profit grew 134%, more than doubling to $16.1 million (EGP 815 million).
Bank NXT’s revenue increased 37% to $98.8 million (EGP 5 billion), mainly because net interest income went up by 54% to $77 million (EGP 3.9 billion). Its net profit also grew 54%, reaching $35.5 million (EGP 1.8 billion).
Key Quote
Karim Awad, CEO of EFG Holding, said: “Our growth in the GCC, along with the strong performance of Valu, Bank NXT, and Tanmeyah, shows the strength of our strategy and ability to adapt.
These results highlight our commitment to long-term profits, creating value for our shareholders, and supporting our clients and communities.”
Big Number
By December 2024, EFG Holding’s total assets reached $3.7 billion (EGP 186.9 billion).
Published: 20th March 2025
For more article like this please follow our social media Facebook, Linkedin & Instagram
Also Read:
NymCard Raises $33M Series B to Expand Embedded Finance
Kuwait Pension Fund’s $1B Corruption Trial Starts in London
Kingdom Holding’s Profit Up 22% to $329M in 2024
