Cairo – Mubasher: Egyptian Financial Group Hermes Holding (EFG Hermes) said Monday that it has turned to profitability in the first quarter of fiscal year 2017, compared to Q1-16.
Consolidated net profit for Q1-17 reached EGP 362.79 million, versus a consolidated net loss of EGP 63.66 million for Q1-16, according to a statement.
Operating revenue for Q1-17 rose 106% to EGP 825 million from EGP 400 million for Q1-16.
“We are pleased to report a strong start to the year on the back of a continued recovery in regional markets during the first two months of this year,” group chief executive officer Karim Awad said.
“Our revenue growth reflects both the robust health of our traditional agency business and a growing contribution from our non-bank financial institution. During the second quarter of 2017, we will continue to lay the foundation for profitable revenue growth as we begin integrating our newly acquired Pakistan operation into our platform and press ahead with the rollout of our frontier markets, more NBFI products, and merchant banking strategies,” Awad added.
Fee and commission revenues increased in Q1-17 by 76% year-on-year to EGP 466 million, while capital markets and treasury operations revenues grew 165% year-on-year to EGP 359 million.
Standalone net profit ascended in the first three months of FY17 to EGP 207.155 million from EGP 72.04 million for the same period of FY16.
