CAIRO Aug 14 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
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
EFG Hermes' shares were up around 2.4 percent at 1012 GMT to
trade at 18.30 pounds.
(1 US dollar = 7.1500 Egyptian pounds)
(Reporting By Maggie Fick; editing by William Hardy and Shadia