EFG Hermes Group reported revenues increased by 26 percent year-on-year (y-o-y) to reach EGP 1.3 billion in the second quarter of 2020.
The hike in revenues came despite the COVID-19 crisis that hit world economies and markets, particularly developing and emerging economies.
The rising revenues were driven by EFG Hermes' Investment Bank revenues that rose by 40 percent y-o-y to reach EGP 1 billion in the second quarter of 2020.
The value of seed capital/investments spiralled upwards after they were strongly hit in the first quarter of 2020 due to the COVID-19 crisis, EFG Hermes said.
Sell-side revenues decreased by 20 percent y-o-y to record EGP 292 million in the second quarter of 2020, largely attributed to lower brokerage revenues which declined by 21 percent (y-o-y) to EGP 234 million as brokerage margin income in Egypt and revenues increased in the majority of financial markets in which the group operates on an annual basis, said EFG.
Buy-side revenues lost 15 percent (y-o-y) to reach EGP 93 million in the second quarter of 2020. Asset Management revenues declined by 22 percent (y-o-y) to reach EGP 65 million, according to EFG Hermes.
Meanwhile, private equity revenues are broadly stable at EGP 28 million in the same quarter.
EFG Hermes' valU revenues rose by 239 percent to reach EGP 20 million and leasing activity increased by 21 percent (y-o-y) to reach EGP 47 million, in the same quarter.
EFG Hermes' market share constitutes 46.3 percent of the Egyptian market, with executions worth EGP 60.4 billion.