Egypt's EFG Hermes, one of the Middle East's largest investment banks, said underlying net profit rose by more than a third in the second quarter, on the back of cost controls and strong performances in commercial and investment banking.
"Despite unfavourable market conditions, EFG Hermes still generated healthy profits ... aided in large measure by the execution of a strong investment banking pipeline, continued commitment to cost discipline, and a stronger performance by our commercial banking arm," Chief Executive Karim Awad said in a statement on Wednesday.
Net profit of 177.5 million Egyptian pounds ($23 million) was down from 220.5 million but the previous year's figure was inflated by a gains on a disposal.
During the second quarter of 2014 the company sold part of its stake in Sixth of October Development and Investment Co (SODIC).
After the non-recurring 97 million Egyptian pound gain from the SODIC sale is excluded, the company's net profit was up 38 percent for the quarter, the statement said.
EFG Hermes also reported net revenue of 630.95 million pounds, versus 762.09 million in the same period last year.