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UPDATE 1-Egyptian bank EFG-Hermes posts jump in Q1 net profit
May 15, 2014 / 1:51 PM / in 3 years

UPDATE 1-Egyptian bank EFG-Hermes posts jump in Q1 net profit

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CAIRO, May 15 (Reuters) - 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 line.

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 Middle East.

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 Heinrich

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