Cairo – Mubasher: The value of total securities brokerage transactions carried out by the Egyptian Financial Group Hermes Holding (EFG Hermes) in the Saudi, Kuwaiti, Egyptian and the UAE markets rose by 46% year-on-year (YoY) to $55.9 billion in 2019.
Assets denominated in the Egyptian pound and managed by the mutual fund and portfolio management department increased by 25.3% YoY to EGP 16.3 billion last year, according to a bourse statement on Wednesday.
In addition, regional assets managed by Frontier Investment Management Partners (FIM), 50%-owned by a subsidiary of EFG Hermes, fell by 30% to $1.5 billion in 2019.
Over the course of 2019, the company’s financial leasing portfolio reached EGP 3.4 billion, while its new contracts stood at EGP 1.3 billion and the loan portfolio of its subsidiary Tanmeyah Microfinance amounted to EGP 3.2 billion.
Moreover, the portfolio of valU for instalment sale services hiked by 164% YoY to EGP 362 million.
It is noteworthy that during 2019, EFG Hermes reported net profits of EGP 1.4 billion last year from EGP 1.05 billion in 2018, including minority shareholders’ rights.
