Cairo – Mubasher: Egyptian Financial Group Hermes Holding (EFG Hermes) on Tuesday reported a 16% year-on-year decline in consolidated profits during 2017.
Net profit amounted to EGP 1.25 billion last year, down from EGP 1.49 billion in 2016, including minority shareholders’ rights, the company said in a filing to the Egyptian Exchange (EGX).
Revenues slightly increased to EGP 4.35 billion in 2017 versus EGP 4.3 billion a year earlier, the Egypt-based investment bank said.
As for standalone profits, net profit retreated to EGP 94.4 million last year against EGP 2.015 billion in 2016.
EFG Hermes, one of the largest investment banks in the Middle East, had previously posted profits of EGP 240.4 million in the three-month period ended September 2017, compared to EGP 149.4 million in the same period of 2016.
