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EFG Hermes returns to profit on investment bank expansion

Chief Executive Karim Awad said the company would launch a leasing business in Egypt by early May.
22.03.15 | Source: Ahram Online

Egypt's EFG Hermes turned a profit after tax and minority interests of 538 million Egyptian pounds ($70.51 million) in 2014 after a net loss of 540 million the year before, helped by strong growth in its regional INVESTMENT banking operations, the bank said on Thursday.
The company, one of the Middle East's largest INVESTMENTbanks, 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 percent year-on-year to 131 million pounds.

Net operating revenues for the firm were up 19 percent for the year to 2.61 billion pounds, while fee and commission revenues rose 44 percent year-on-year to 951 million pounds.

Net profit before minority rights reached 706.99 mil.