ICEC

EFG-Hermes’ Net Income Tumbles 63%: EGX

Egyptian investment bank EFG-Hermes saw its net income slide 63 percent in 2011, the stock exchange said on Sunday.

Consolidated net income last year was 307.7 million Egyptian pounds ($50.96 million), down from 826.2 million pounds in 2010, a statement from the EGX said.

Like other Egyptian financial firms, EFG was hit last year by the turmoil that followed a popular uprising that unseated the country’s president.

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