EFG-Hermes' profits double in second quarter

15 August 2007

EFG-Hermes has posted second quarter profits of $56.1 million - doubling last year's return of $26.9 million.

Total operating revenue, meanwhile, for Egypt's largest investment bank stood at $56.7 million - a 73 per cent increase compared with the year ago period, according to a report from the Reuters news agency.

The increase in earnings was driven by an improved performance from the bank's brokerage and investment banking divisions in Egypt, where income was up 31.7 per cent and 25.9 per cent respectively.

Meanwhile, revenue from investment banking in the United Arab Emirates was up to $8.3 million - a rise of 14.7 per cent.

The period was also marked by the bank making six investment banking transactions for a total of $2.9 billion and a further transaction for an undisclosed figure.

As well as its operations in Saudi Arabia and the UAE, EFG-Hermes recently provisionally agreed to embark on a joint venture in Qatar.

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