Cairo – Mubasher: Egyptian Financial Group Hermes Holding (EFG Hermes) on Tuesday reported turning to profitability for the second quarter of 2017 on the back of higher revenues, according to a bourse filing on Tuesday.
The company achieved profits of EGP 402.58 million in the three months ended June 2017, versus losses of EGP 67.54 million in the corresponding period of 2016.
Fee and commission revenue increased to EGP 567.19 million in Q2-17 from EGP 231.39 million in Q2-16.
In the first half of 2017, consolidated profits amounted to 765.37 million, versus a consolidated loss of EGP 131.21 million in H1-16, including minority rights.
Net operating income reached EGP 753 million in H1-17, backed by the performance of investment banks during Q2-17, alongside the consecutive growth of the non-banking financial sector, as well as the benefit maximisation of the company’s cash and assets, EFG Hermes said.
Standalone profits declined to EGP 215.2 million in H1-17 from EGP 56.33 million in the year-ago period.
Karim Awad, CEO at EFG Hermes, said that the company began to collect strategic benefits of diversified activities and services, which has been reflected in the positive contribution by the non-banking financial sector during Q2-17, as its revenues doubled compared with the prior-year period.
EFG Hermes’ profits reached EGP 362.79 million in the three months ended March 2017, compared to losses of EGP 63.66 million in the same period last year, including minority shareholders' rights.
