EFG-Hermes 2012 Profits Fall By 28.45%

Egypt’s biggest investment bank EFG-Hermes Holding (HRHO.CA) has announced on Wednesday its consolidated financial statements for the fiscal year of 2012 reporting a net profit of EGP 211 million, representing a decline of 28.45% compared to the fiscal year of 2011.

EFG-Hermes also announced its standalone net profit of EGP 583.489 million during FY/2012, compared to a net profit of EGP 89.451 million for the FY/2011.

The investment bank stated that FY12 financial results reflect the market fluctuations from an overall perspective in several major markets in the region. It added that 2012 was a tough year, but reflected the investment group’s resilience and renewed ability to post profit and overcome any volatility.