Egypt bank posts 30% rise in Q2 profits

by Claire Ferris-Lay Thursday, 14 August 2008

EFG-Hermes, Egypt’s largest investment bank by market value, posted a 30 percent increase in second-quarter net profit as revenue from investment banking soared.

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Total consolidated revenues jumped 56 percent to $287.5 million when compared to the same period last year. Total consolidated revenues jumped 56 percent to $287.5 million.
“During the second quarter of 2008 the investment banking team simultaneously closed two IPOs as well as continued to build the pipeline on both equity raising and mergers and acquisitions,” the bank said in a statement released on Thursday.

EFG-Hermes has a presence in Egypt, Saudi Arabia, the UAE, Qatar and Oman. By the end of 2008 it is expected to move to Kuwait and Bahrain to complete its network in the GCC states.



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