EFG Hermes, the leading financial services corporation in Frontier Emerging Markets (FEM), revenues grew by 20% year-over-year (Y-o-Y) to EGP 1.6bn in the second quarter of 2021 (2Q21).
The group reported on Wednesday its second quarter results for 2021, showing an outstanding performance from the Investment Bank and the NBFIs platform, delivering a solid 66% Y-o-Y increase in revenues from fees and commissions to EGP 1.1bn in 2Q21.
“Our second quarter results showcase EFG Hermes’ ability to swiftly capitalize on improved market conditions and drive strong growth across our core business operations,” said EFG Hermes Holding’s Group CEO Karim Awad. “At our Investment Bank, we successfully captured the upturn in market activity and continued to deliver best-in-class financial services to both our sell-side and buy-side clients. Meanwhile, at our NBFIs platform, we achieved remarkable progress on all strategic initiatives and delivered impressive growth across all business lines, especially at valU, our innovative Buy-Now-Pay-Later (BNPL) fintech platform. valU successfully reached an outstanding portfolio size exceeding the EGP 1bn mark and has continued to play a pivotal role in the Group’s efforts to further penetrate Egypt’s thriving fintech space.”