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Thu 13 Aug 2009 11:38 AM

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Egypt's EFG-Hermes Q2 profit slides 57%

Egyptian investment bank posts second-quarter net profit of 176m Egyptian pounds ($32m).

Egyptian investment bank EFG-Hermes posted a 57 percent fall in second-quarter net profit to 176m Egyptian pounds ($32m) on Thursday.

The company made 409 million pounds in the second quarter of 2008, and 140 million pounds in the first quarter this year.

Second-quarter net revenue was 382 million pounds, down from 807 million pounds a year ago, with a sharp decline in fee and commission revenue to 220 million pounds versus 570 million in the second quarter of 2008. ($1 = 5.541 Egyptian pounds)


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