EFG Hermes swings to $26m Q2 profit
Cairo, August 14, 2014
EFG Hermes, one of the largest investment banks in the Middle East, posted a net profit of 188 million Egyptian pounds ($26.3 million) in the second quarter of 2014 after a net loss of 80 million pounds in same quarter last year.
Profit was boosted by its core investment banking operations. Net operating profit from this segment surged 146 percent in the second quarter compared with last year to 331 million pounds, EFG Hermes said.
EFG Hermes' Investment Bank contributed almost 80 percent of the group's bottom line, it said in a statement. EFG Hermes first-quarter profit had been the first after seven quarters of losses.
In Egypt, the company finalised the initial public offering (IPO) of Arabian Cement Company in May, the first major stock market debut in Cairo since the 2011 uprising that ousted Hosni Mubarak. EFG Hermes was co-bookrunner on the offer, which raised $110 million, with CI Capital.
The company also offers brokerage, asset management and private equity units and operates in eight countries across the Middle East.
EFG Hermes' shares were up around 2.4 percent at 1012 GMT to trade at 18.30 pounds. – Reuters