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Egypt’s EFG Hermes reports USD4.4m profit in Q2

16 Aug 2012

(MENAFN) Egyptian financial group EFG Hermes reported a two-thirds decline in quarterly profits from a year earlier, when it was boosted by a dividend from a real estate investment, Reuters reported.

The group said it made USD4.4 million net profit during the second quarter, down from USD13.16 million achieved a year earlier. Last year’s results included exceptional dividend income of USD4.6 million from SODIC.

Revenue from brokerage business dropped in the quarter due to the lower trading volumes on markets in the region, while the treasury and capital markets business benefited from a rise in yields on the state treasury bills it holds.

Revenue from investment banking declined 13 percent in the quarter to USD32.1 million, while operating revenue rose by 2 percent to USD78.44 million.

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