EFG-Hermes records Q4 net loss of LE21 mn

Reuters, Wednesday 3 Apr 2013

Egypt's biggest investment bank recorded a net loss in the fourth quarter of 2012, profits were down around 32% on the corresponding quarter in 2011

EFG-Hermes reported a LE21 million ($3.08 million) net loss in the fourth quarter, Egypt's biggest investment bank said in a statement on the stock exchange on Wednesday.

The bank made a LE31 million ($4.5 million) net profit in the same quarter a year earlier.

It posted a net profit of LE211.14 million (roughly $31 million) for 2012, down from LE295.11 million (roughly $43.3 million) in 2011.

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