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EFG Hermes posts $70m profit on bank expansion

EFG Hermes posts $70m profit on bank expansion

CAIRO, 1 days ago

Egypt’s EFG Hermes turned a profit after tax and minority interests of EGP538 million ($70.51 million) last year after a net loss of EGP540 million the year before, helped by strong growth in its regional investment banking operations, the bank said.

The company, one of the Middle East’s largest investment banks, said profit was boosted by its core investment banking operations, with revenue growth in fees and commissions from its securities brokerage, asset management and investment banking divisions. Regional operations represented half of those revenues, it said.

The bank said net profit after tax and minority interest for the fourth quarter was up 30 per cent year-on-year to EGP131 million.

Net operating revenues for the firm were up 19 per cent for the year to EGP2.61 billion, while fee and commission revenues rose 44 per cent year-on-year to EGP951 million.

Net profit before minority rights reached EGP706.99 million versus net loss of EGP334.98 million in 2013, the company said earlier in a separate statement to the bourse.

EFG Hermes is advising Egyptian food maker Edita on a secondary public offering on the Egyptian stock market, part of a flurry of mergers and rights issues that has boosted activity on the exchange.

In addition to investment banking, the firm offers brokerage, asset management and private equity units and operates in eight countries across the Middle East.

Chief executive Karim Awad told Reuters last weekend the company would launch a leasing business in Egypt by early May. – Reuters

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