Real estate related economic and financial news covering the MENA region.
Egypt's EFG-Hermes reports 66% drop in Q2 profits
Aug 16, 2012
Egyptian investment bank EFG Hermes has said its second-quarter net profit dropped 66% to EGP27m ($4.4m), Reuters has reported. The bank, which is planning a tie-up with Qatar's QInvest, reported net profit of EGP80m a year earlier. Investment bank revenue declined 13% year-on-year to EGP195m in the second quarter on the back of lower revenue generated from capital markets and treasury operations.