EFG Hermes records profit of LE 1.23B in 2017

CAIRO – 27 March 2018: Egyptian Financial Group Hermes Holding (EFG Hermes) consolidated profit that declined 13.22 percent in 2017, recording LE 1.23 billion after tax and minority interest, compared to LE 1.41 billion in 2016.

EFG Hermes’ revenues decreased 9 percent on a year-on-year basis to accomplish LE 3.6 billion, compared to LE 4 billion in the prior year.

During the fourth quarter of 2017, the company recorded a profit of LE 3.03 billion.

For the standalone profit, Hermes marked a decline to LE 94.4 million, compared to LE 2.01 billion in 2016.

The company expanded during 2017 by adding Pakistan, Kenya, the United Kingdom and the United States to its presence list in addition to diversifying the product base by launching a merchant banking division and a structured products desk, EFG Hermes Holding Group CEO Karim Awad said.

Egyptian Financial Group Hermes Holding (EFG Hermes) is a public company, listed on Egyptian Exchange (EGX) since February 1999.

It operates within the diversified financial sector focusing on Investment Banking and Brokerage. It has 36 subsidiaries operating across the Caribbean, Northern Africa and Middle East. EFG Hermes is based in 6th of October, Egypt, and was established in January 1984.