EFG-Hermes lost a total of EGP 63.7m during the first quarter (Q1) of 2016, versus profits of EGP 181.65 during the same period in 2015, according to the group’s disclosure note to the Egyptian Exchange on Wednesday.
EFG-Hermes is one of the largest investment banks in Egypt and the Middle East offering non-banking financial services.
The parent company’s earnings, excluding the proceeds of its subsidiaries, amounted to EGP 72m, compared to EGP 40m in the same period last year, an increase of 80%.
The company’s financial results showed that its fees and commission income rose by 7% during the first quarter of the year, compared to 2015. Expenses on fees and commissions also increased by 8%.
Managing director at EFG-Hermes Karim Awad described the first quarter as a significant turning point for the company, both on the financial and strategic level.
The company decided to sell its stake in Credit Libanais Bank. Awad said that after obtaining the necessary approval from the Central Bank of Lebanon, this sale will open new horizons to maximize the return on investment for shareholders.
The company began implementing its plans to turn into a strong investment in promising emerging markets, where it embarked on a major acquisition process of which the due diligence is underway.
Awad said he wished to inform all investors with developments of any new deals during the second quarter.