Ramsco's Women Empowerment Initiative Recognized Among Top BRICS Businesswomen Practices for 2025    Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    Gold prices end July with modest gains    Pakistan says successfully concluded 'landmark trade deal' with US    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Federal Reserve maintains interest rates    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Rafah Crossing 'never been closed for one day' from Egypt: PM    I won't trade my identity to please market: Douzi    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt's EHA, Huawei discuss enhanced digital health    Egypt, Oman discuss environmental cooperation    Egypt's EDA explores pharma cooperation with Belarus    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    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    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    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.



EFG Hermes nine-month net profit slides: bourse
Published in Daily News Egypt on 16 - 11 - 2011

CAIRO: Egyptian investment bank EFG Hermes reported a 63 percent drop in nine-month consolidated net profit to LE 276.8 million ($46.3 million), according to a statement from the stock exchange on Wednesday.
It made a profit of LE 738.3 million in the same period a year earlier, the bourse said, without giving further details.
Egypt's banks have been hurt by a weak financial market and an exodus of foreign investors in the wake of the uprising that led to president Hosni Mubarak's overthrow early this year.
“Amid challenging market conditions, prudence was the order of the day in the third quarter and remains so as we head into the end of the year,” said Hassan Heikal, CEO of EFG Hermes, in a statement sent to Daily News Egypt.
“We are pleased to have sharply reduced expenses at the Investment Bank while still leaving all five of the Investment Bank's divisions the flexibility they need to respond to the inevitable market upswing, whenever that may occur.”
EFG Hermes was ranked 24th overall on the Europe, Middle East and Africa M&A tables at the half-year 2011 mark and closed its advisory on the $452 million sale of Olympic Group to Sweden's Electrolux.
“The business will continue to face headwinds as a result of regional challenges and turbulence in the global financial system alike,” noted EFG Hermes Chief Executive Officer Yasser El Mallawany. “This underscores the fundamental wisdom of catalysing our transformation into a commercial bank last year by acquiring a controlling stake in Crédit Libanais.” –Additional reporting by Daily News Egypt


Clic here to read the story from its source.