EFG Hermes’ net income rose 12% y-o-y to EGP 1.5 bn in 2021, the universal bank said in its earning release (pdf) on Thursday. The bank’s bottom line growth was supported by a 12% rise in revenues which finished the year at EGP 6.1 bn.

Revenue growth of 19% in 4Q2021 was underpinned by strong performance at its non-bank platforms and the acquisition of the Arab Investment Bank in the quarter, which contributed EGP 306 mn to the group’s top line in the period. Revenues at EFG’s non-bank arms rose 33% y-o-y during the October-December period to EGP 537 mn: Microfinance platform Tanmeyah recorded a 25% increase in revenues to EGP 372 mn, while revenues at the bank’s consumer finance arm valU almost doubled to EGP 84 mn. EFG Hermes is a universal bank in Egypt and the leading investment bank franchise in frontier emerging markets.

Diversification was key to EFG’s success this past year: “As I look back, I am confident now more than ever that our strategies over the last five years — from expansion into FEMs, to the diversification into NBFIs, and the entrance into the commercial banking space — have not only borne fruit but have given us the ability to withstand very tough and turbulent market conditions,” said Group CEO Karim Awad.