EFG revenue increased by 1.3 billion pounds at an annual growth rate of 30% in the first quarter of 2021, thanks to the positive performance of most operating sectors during the same period.
According to Arab Net, the company said in a statement, despite the high tax expenses, net profit was 292 million pounds during the first quarter of 2021, an annual rise of 223%, compared to 90 million pounds during the previous quarter.
That strong performance is due to significant growth in non-banking profits and investment bank services, as well as the stability of operational expenses.
Total operating profits doubled more than three times to 453 million pounds during the first quarter of 2021, supported by strong growth in revenue and stability of expenditure at the same levels of previous year.
On the other hand, the Group's operational expenditure declined at an annual rate of 3% to 802 million pounds during the first quarter of 2021. The discovery of credit losses for the non-banking sector contributed to reducing the impact of workers' expenses during the first quarter of 2021. p>
Financial leasing and lease income, which is offered through EFF Finance Solutions has increased by 30% and 110%, respectively during the same period, equivalent to LE 56 million and 8 million pounds, thanks to the height of fees and income from interest during the first quarter of the year 2021.
