EFG Hermes announced an 18% jump in profits in 2022, while revenues rose 77% on an annual basis.
EFG’s consumer finance arm “valU” saw its revenues soar 115% YoY on the back of increased financing to consumers, which jumped 145% YoY.
Despite the investment banking division contributing the most to total revenues (56%), it was the only division to see a dip in profits in 2022.
The company said that high inflation & the EGP devaluation increased its expenses such as salaries to overseas employees (64% YoY).
EFG previously announced its plan to exit the Jordanian & Pakistani markets in an effort to maximize shareholder returns.
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