EFG-Hermes swings to Q4 net loss
Cairo, April 3, 2013
EFG-Hermes, Egypt's biggest investment bank, has reported a net loss of EGP 21 million ($3.08 million) for the fourth quarter compared to a EGP31 million profit in the same quarter a year earlier.
The bank said one-off expenses and a tax charge had inflated its costs.
The operating costs grew 14 per cent to EGP407 million while revenue rose seven per cent to EGP447 million, EFG said on Wednesday, attributing the rise in revenue to higher investment banking fees and commissions.
The revenue from its commercial bank rose by 11 per cent to EGP1.1 billion, largely due to higher trading income. The total assets stood at EGP 59.5 billion at the end of 2012.-Reuters