Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Jordan condemns Israeli PM remarks on 'Greater Israel'    Egypt's Supreme Energy Council reviews power supply plans for 14 industrial projects    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egyptian pound closes high vs. USD on Tuesday – CBE    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt's EFG Hermes sees 27 per cent boost in annual profits
Country's leading investment bank announces strong financial results for 2010 fiscal year
Published in Ahram Online on 30 - 03 - 2011

The net income of Egypt's EFG-Hermes surged 27 per cent to reach 700.4 million Egyptian pounds at the end of 2010, according to a consolidated financial statement for 2010 released today. The leading investment bank's profits for 2009 were LE551.8 million.
The bank's total assets reached LE46.7 billion while shareholder equity stood at LE9.9 billion, versus LE11bn and LE8.9bn respectively in 2009. Figures for TF2010 include the consolidation of Crédit Libanais, the Lebanese commercial bank.
"The Group ended FY2010 with a solid balance sheet," reads EFG-Hermes' statement published on their website Wednesday. "The group's balance sheet ended the fourth quarter and the year on strong footing."
At the same time, the Egyptian joint-stock company's total consolidated operating revenues have increased by 72 per cent year-on-year, while total assets stood at LE46.7bn at the end of FY2010, a rise of 324 per cent.
The Commercial Bank has also reported net profits of US$77.7m in FY2010, representing an increase of 52 per cent over FY2009 and reflecting the strong performance of the Lebanese banking sector and Crédit Libanais itself. The growth in earnings was driven by strong recurring and non-recurring income growth.
Total revenue from the investment bank's activities rose 92 per cent year-on-year to reach LE1,907m in FY2010, including capital gains of LE716.6m from the sale of Bank Audi.
Group operating revenue rose 72 per cent to LE2,463m, with commercial bank contributions accounting for 23 per cent and the investment bank 77 per cent, recording a net operating profit of LE1,330m for FY2010 -- a 90 per cent year-on-year rise.
Fee and commission revenue rose 8 per cent year-on-year to reach LE855m in FY2010, "largely driven by stronger revenue generated from the investment banking operations as the team managed to close several transactions during the year," says the statement.
Revenue generated from capital markets and treasury operations was LE1,052m in FY2010, reflecting a capital gain of LE716.6m from the sale of Bank Audi and strong revenue generated from foreign exchange gains and net interest income.
EFG-Hermes closed a total of 11 transactions in FY2010, totalling $4.6bn in value and distributed across the entire investment banking spectrum which includes ECM, DCM and M&A activities.
In January 2011, the team finished advising Orascom Telecom on the $1.2 billion sale of its 50 per cent stake in Tunisia's second mobile operator Tunisiana to Qatar Telecom.


Clic here to read the story from its source.