Egypt's EFG-Hermes says Q2 net profit down 66 pct

Reuters, Wednesday 15 Aug 2012

Middle East's largest investment bank sees its second quarter gains of LE27 million, hit by lower revenues from capital markets and treasury operations

EFG-Hermes is the largest investment bank in the Middle East(Photo: Reuters)

Egyptian investment bank EFG Hermes said on Wednesday its second quarter net profit fell 66 per cent to LE27 million.

The bank, which is planning a tie-up with Qatar's QInvest, reported net profit of LE80 million a year earlier.

It said investment bank revenue declined 13 per cent year-on-year to LE195 million in the second quarter on the back of lower revenue generated from capital markets and treasury operations. It said group revenue was LE477 million in the period.

EFG – Hermes share is trading in the green on Wednesday, gaining 1.29 per cent to sit at LE10.99 per cent two hours into the session.

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