Egypt's largest listed investment bank, EFG-Hermes reported that during 1Q08 the total consolidated revenue increased 47.8% over 1Q07 to reach EGP664.5
million. In its statement, the bank said the success was registered despite the
weakness of the markets within which it operates.
Net operating profit for the first quarter of 2008 increased over 1.5 fold to EGP399 million corresponding to a net operating margin of 67.5% up from the adjusted 57.4%1 in 1Q07. It must be noted that starting 1Q08 EFG-Hermes began accruing a balance for bonuses (EGP30 million in 1Q08) which was not the case in 1Q07.
Regional operations have increased to 25.9% of the total fee and commission income up from 12.8% in 1Q07.
Total assets under management within the Group reached the equivalent of US$8.6 billion, US$7.6 billion of which are in listed equities and money market funds and the remainder in private equity; a 15% increase over the year-end 2007. Of the increase over the quarter the majority (over USD1 billion) are new net cash inflows.
© 2008 Mena Report (www.menareport.com)
