Egypt’s EFG Hermes Holding’s Non-Bank Financial Institutions (NBFIs) platform maintained its remarkable rate of expansion, growing at 81% YoY to record revenues of EGP 286 mn in Q3 2018, with Tanmeyah Micro Enterprise Services (Tanmeyah) being the main contributor to the surge, Invest-Gate reports.

Revenues from NBFIs contributed with nearly 28% to the company’s “top-line” during Q3 2018, up from 19% in the year-ago period, according to an official statement on November 15.

“EFG Hermes is approaching the end of 2018 with strong momentum. The Firm has delivered excellent top-line gains and these have translated into a flourishing bottom-line,” EFG Hermes Group CEO Karim Awad was quoted as saying.

“Our investment banking team has managed to close a record number of deals across multiple geographies in the quarter, despite the challenging markets. EFG Hermes has now maintained its top position in MENA equity capital markets as ranked by transaction fees for the seventh consecutive quarter, an unprecedented success,” he added.

The CEO highlighted that NBFIs platform is generating rapidly growing returns and is contributing a larger share to the group’s profitability.

“The group expects to have cemented its on-the-ground presence in Nigeria by 2019 and will seek to use Africa’s largest economy as a springboard to opportunities across the West-Africa region,” Awad noted.

He also stressed the management’s plan to explore investment opportunities in markets with strong growth potential, mainly Southeast Asia.

Group-level net operating profit logged EGP 348 mn in Q3 2018, in addition, net profit after tax and minority interest stood at EGP 279 mn, up 18% from its level during the prior-year period, according to the statement.