Egypt’s EFG Hermes Q3 net profit rises 18% y-o-y

Egypt’s investment bank, EFG Hermes Holding reported on Wednesday an 18 percent year-on-year growth in its net profit for the third quarter of the year.

Net profit, after deduction of taxes and minority rights, rose to 422 million Egyptian pounds ($27.07 million) in the July-September 2020 period, the investment bank said in a statement published by the Egyptian stock exchange.

The bank’s combined revenue also rose 21 percent year-on-year to 1.4 billion pounds, the statement read.