* FY net loss net loss 335 mln Egyptian pounds
* Compares with 211 mln net profit in 2012
* Normalised net profit excluding one-offs 427 mln
(Adds details on one-off charges, shares)
By Shadia Nasralla
CAIRO, March 27 Egyptian bank EFG-Hermes
plunged to a net loss last year, hit by one-off
charges including a writedown in the value of certain
The bank, active both in investment and commercial banking,
said on Thursday it made a net loss of 335 million Egyptian
pounds ($48 million), compared with a profit of 211 million in
2012. Excluding the charges, normalised net profit doubled from
2012, it said.
EFG-Hermes said the one-off charges totalled 761 million
pounds, including 616 million in the fourth quarter alone.
Hanzada Nessim, head of investor relations, told Reuters in
an email that the impairment charges related to acquisitions
which the bank had previously made at home and in markets such
as Kuwait and Oman.
Charges also related to changes in the "fair value" of
investment property in Dubai and one-off operating expenses
booked during the year, Nessim said, without giving any further
In the fourth quarter, EFG-Hermes made a net operating
profit of 163 million pounds, up 302 percent from a year
earlier, the bank said.
Its normalised net profit, discounting one-off charges,
reached 427 million pounds for the whole year, slightly more
than double the amount it made in 2012.
EFG-Hermes shares dropped 6.8 percent to trade at 12.40
pounds by 1137 GMT. Last week they hit their highest since
mid-2012 at around 13.50 pounds.
($1=6.9624 Egyptian Pounds)
(Editing by Mark Potter and David Holmes)