EFG Hermes' net profits inched up by 19.9% year on year (YoY) in the third quarter (Q3) of 2015 to stand at EGP 120m, the investment bank announced Wednesday. "Growth was primarily driven by a strong boost in Group revenues, with the Group revenue increasing 14% YoY in the third quarter and translating into operating margins maintained above 40%, at 41%," the bank indicated in a statement. Revenues in Q3 advanced 14% to reach EGP 668m. Meanwhile, in August the investment bank revealed that its net profits for the first half (H1) of 2015 amounted to EGP 359.1m, down from the EGP 381.6m that were registered in the same period last year. In June, the group launched a new leasing services company with EGP 100m capital, catering to large corporations, along with small- and medium-sized enterprises (SMEs). In April, the EGX approved increasing the company's issued capital from EGP 2.867bn to EGP 3.3bn. The step marked an increase worth EGP 391.83m in the company's capital, through distributing free stocks with 1,460 stocks for every 10 stocks, financed from 2014 revenues. Moreover, an increase in authorised capital from EGP 3.2bn to EGP 6bn was also approved by the EGX. EFG Hermes is a leading investment bank in the Arab world, headquartered in Egypt. A wide range of financial services are offered by the bank, amongst which are asset management, private equity, securities brokerage and investment banking. EFG Hermes has a majority stake equivalent to 63.7% in the Lebanese commercial bank, Credit Libanais. The bank also operates in eight countries, with its services being extended to the rest of the Arab region with the bank's local offices.
