Egyptian Financial Group Hermes' net profits down 14pct in 2015

Ahram Online , Wednesday 23 Mar 2016

EFG Hermes
File photo: Investment bank EFG Hermes building at the Smart Village, on the outskirts of Cairo,(Reuters)

Egyptian Financial Group Hermes (EFG-Hermes), one of Egypt's leading investment banks, posted consolidated net profits of EGP 461 million in 2015, down 14 percent from EGP 538 million in 2014.

The decline in profits was driven by the bank's investment arm with a 34 percent drop in net profits to EGP 200 million in 2015, down from EGP 304 million in 2014.

EFG Hermes attributed the fall to the onetime gain of selling their share in 6 October for Development and Investment Company (SODIC) in 2014.

The commercial arm for the bank, Credit Libanais, saw its net profits rise 12 percent to EGP 261 million in 2015, up from EGP 234 million in 2014.

On a quarterly basis, the consolidated net profits amounted to EGP 80 million in the last three months of 2015, down from EGP 131 million in the same period a year earlier.

The bank's total assets stood at $9.9 billion at the end of 2015.

EFG Hermes' share price declined 0.4 percent to EGP 9.91 per share by mid trade.

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