Egyptian investment bank Pioneers Holding made a net profit of LE30.5 million (US$5.1m) in the second quarter of 2011, up from LE10.1 million a year earlier, it said in a statement.

Revenues grew to LE45.5m from LE27.9 million, the bank said.

In a statement sent to the stock exchange, it attributed the improved results to gains on investment sales and an upward revisions of the value of some investments.