Beltone Holding, a rapidly expanding financial institution, has announced stellar consolidated financial and operational results for the March 31, 2024 quarter, Invest-Gate reports.

The company experienced an extraordinary 812% year-on-year increase in operating revenue, reaching EGP 1.33 bn in Q1 2024. This surge is attributed to the robust performance of its Non-Banking Financial Institutions (NBFIs) platform and its Investment Bank.

During Q1, Beltone’s EBITDA stood at EGP 458 mn, while net profit soared to EGP 514 mn, a significant turnaround from a net loss of EGP 52 mn in the same period last year.

Moreover, the Investment Bank played a key role in this success, with its operating revenue climbing by 355% year-on-year to EGP 236 mn. This increase was driven by strong brokerage operations and a substantial rise in the margin lending portfolio, which grew by 675% to EGP 1.24 bn. Furthermore, assets under management rose by 56% year-on-year to EGP 29.4 bn, boosting management fees.

Furthermore, the NBFIs platform also delivered outstanding results, with operating revenue skyrocketing by 1,297% year-on-year to EGP 1.04 bn. The platform’s outstanding portfolio expanded dramatically by 891% to EGP 13.1 bn, up from EGP 1.3 bn in the same period last year. The leasing, factoring, and consumer finance divisions significantly contributed to this growth.

Also, the outstanding portfolios for these segments grew sevenfold to EGP 7.9 bn and elevenfold to EGP 2.8 bn, respectively. Additionally, the mortgage finance portfolio reached EGP 2.1 bn, capturing a 24% market share, while the microfinance cash portfolio more than doubled to EGP 284 mn from EGP 128 mn in Q1 2023.

Notably, Beltone’s exceptional performance in Q1 2024 highlights the effectiveness of its turnaround and growth strategy, setting a robust foundation for future growth.