Cairo - Arabstoday
Egyptian bank EFG-Hermes reported a 63 per cent drop in 2011 net profit on Sunday as the economic fallout from uprisings across the Middle East pushed down brokerage, investment banking and asset management revenue. Net income before minority interests was 307.7 million Egyptian pounds ($51 million), down from 826.2 million pounds in 2010, a statement from the bourse said. Consolidated operating revenue fell 31 per cent as investment bank revenue tumbled 65 per cent. The unit’s fee and commission income fell 31 per cent, EFG said in a statement. It closed four major transactions during the year with a combined value of over $27 billion. — Reuters Assets under management grew 2.2 per cent from the third quarter after three quarters of declines. The company said commercial bank Credit Libanais, which EFG bought in 2010, reported a profit that offset a net loss in investment banking, “underscoring the wisdom of management’s pursuit of a universal banking strategy”. EFG shares were little changed after the results, in line with a flat benchmark Egyptian index.