Daily News Egypt

EFG-Hermes’ net profits in 2015 record EGP 461m, marking 4.7% growth      - Daily News Egypt

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EFG-Hermes’ net profits in 2015 record EGP 461m, marking 4.7% growth     

Policy to reduce expenses led to cutting down the investment bank’s total expenses by 3% compared to 2014


EFG-Hermes recorded growth of 4.7% in its net profits by the end of 2015, totalling EGP 461m, excluding the EGP 97m exceptional profits registered in 2014 as a result of selling its share in Sixth of October Development and Investment Company (SODIC).

The group’s operating revenues amounted to approximately EGP 2.6bn in 2015, despite the economic fluctuations and challenges in the markets of Middle East and North Africa during 2015, according to EFG-Hermes CEO Karim Awad.

According to a press release issued by the group on Wednesday, EFG-Hermes was able to overcome the challenging regional circumstances and take first place on Thomson Reuters MENA Equity Capital Markets League Table.

“Additionally, we grew a Greenfield leasing business in Egypt that delivered an impressive performance in its first months of operation, adding EGP 20 million to the group’s top line; it holds great potential going forward as it becomes a core operation of the newly launched EFG Hermes Finance platform,” Awad said in the press release.

The investment bank exhibited high flexibility in facing the economic fluctuations experienced by regional markets over the past period. It registered revenues of EGP 1.05bn in 2015, a slight decline of 6.6%, excluding the exceptional profits achieved during 2014, according to the press release.

A policy of reducing expenses adopted by the administration succeeded in cutting down 3% of the investment bank’s total expenses compared to 2014, which pushed the net operating profit margin to 31%. Consequently, its net profits totalled EGP 200m in 2015, marking a slight annual decline of 3.3%, excluding 2014 exceptional profits.

Crédit Libanais contributed approximately 57% of the group’s net profits of 2015, providing EGP 261m, supported by a 13% increase achieved in the commercial bank’s revenues compared to 2014.

 

https://www.dailynewsegypt.com/2016/03/23/411463/
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