Although operating expenses, including provisions and Expected Credit Losses (ECL), rose 22% Y-o-Y to EGP 2bn in 3Q23, the Group’s net operating profit soared to EGP 1bn, reflecting an impressive 40% Y-o-Y increase. The Group’s net profit after tax and minority interest amounted to EGP 395m, a notable 24% Y-o-Y growth. Despite lower revenue contributions from Holding and Treasury Activities, as well as Investment Banking, EFG Hermes’ net operating profit amounted to EGP 390m, a notable 22% Y-o-Y increase. Operating expenses inched up 7% Y-o-Y to EGP 538 million primarily due to higher employee expenses and provisions, leading net operating profit to dip 20% Y-o-Y to EGP 129m. Consequently, the bank’s net profit after tax soared an impressive 214% Y-o-Y to EGP 345 million.
