(DNE file photo)
EFG Hermes’ net profit has surged by 14% year on year (YoY) during the first quarter (1Q) of 2015, recording EGP 136m.
During the past year, EFG Hermes delivered net profits exceeding EGP 100m in every quarter.
“The 14% year-on-year rise in net profit comes with the Investment Bank and the Commercial Bank both contributing positively to the bottom line,” the company said in an official statement.
Operating revenues increased by 7% YoY, recording EGP 611m, the investment bank stated, while the net operating profits increased YoY to reach EGP 250m.
“I am pleased to report such strong earnings despite the challenges that have buffeted our industry since the plunge in oil prices accelerated last fall,” CEO of EFG Hermes Karim Awad said.
“Even as low petroleum prices and geopolitical stress saw brokerage volumes decline for our industry MENA-wide, revenues from our Investment Bank platform were broadly stable in a testament to the quality of our team and operations,” he added.
Most recently, the investment bank has advised Integrated Diagnostics Holdings (IDH) on concluding a listing in the London stock market.
Last month, EFG Hermes sent a request to the Egyptian Stock Exchange (EGX) to increase issued capital from EGP 2.867bn to EGP 3.3bn. The step marks a rise worth EGP 391.83m in the company’s capital, through distributing free stocks, with 1.460 stocks for every 10 stocks, financed from 2014 revenues.
