EFG Hermes reports highest net profit since 2010

The Arab world's leading INVESTMENTbank, EFG Hermes, has reported EGP 538m in net profit on EGP 2.6bn in total revenues.

The latest figures represent the company’s highest net profit since 2010, it said in a report published on 19 March.

In 2013, EFG Hermes, which has its headquarters in Egypt, reported EGP 540m in net loss.

On a quarter-yearly basis, EFG Hermes registered in the fourth quarter (Q4) of 2014 net profit, after tax and minority interest, of EGP 131m out of EGP 702m in revenues.

“Our financial performance in 2014 came as we executed on a strategy of cost control, regional growth and the maintenance of dominance in our home market, all while laying the foundation for expansion initiatives that will allow us to begin further diversification of our revenues this year, in part through our entry into the very promising leasing space,” said Karim Awad, CEO of EFG Hermes, in a statement.