EFG-Hermes Says Q2 Net Profits 23% Down, Brokerage Revenues Dip 20%

Egyptian investment bank EFG-Hermes Holding (HRHO.CA) has announced its net profits for the second quarter of 2012 hitting EGP 27 million, 23% down, compared to last year’s net profits of EGP 35 million.

Total operating revenues during Q2/2012 rose 10% to EGP 477 million, compared to EGP 466 million during Q2/2011. Operation profits, after excluding total operation expenses, slumped to EGP 146 million during Q2/2012, compared to EGP 167 million during Q2/2011.

Total brokerage revenues dipped by 20% to $4.677 million during Q2/2012, compared to $5.682 million during Q2/2011.

Fee and commission revenues hiked by 593% to $84 million for Q2/2012, compared to $48 million for Q2/2011.

Deposits for Q2/2012 inched higher by 2% to $6.536 billion, compared to $6.017 billion during Q2/2011. Total loans also upped to $2.130 billion during Q2/2012, compared to $1.871 billion during Q2/2011.