CAIRO May 15 Egypt's EFG-Hermes said
on Thursday its first-quarter net profit after tax and minority
interest jumped 190 percent in the first quarter of 2014, buoyed
by profits from its investment banking activities.
It reported a profit of 119 million Egyptian pounds ($16.75
million), up from 41 million over the same period last year.
The financial group said in a statement that its investment
banking division's net profit after tax and minority of 60
million Egyptian pounds contributed positively to the bottom
It attributed the profit, the first for the investment bank
after seven quarters of losses, to higher revenue from brokerage
and capital market activities.
EFG's chief executive told Reuters in March the bank wanted
to secure 60 percent of its investment banking revenue from
abroad by 2017. Currently 60 percent of investment banking
revenue comes from Egypt and 40 percent from abroad.
The company also offers brokerage, asset management and
private equity units, and operates in eight countries across the
EFG-Hermes shares dropped 0.29 percent to trade at 13.61
pounds by 1328 GMT.
($1 = 7.1050 Egyptian Pounds)
(Reporting by Stephen Kalin and Ehab Farouk; editing by Mark