Egypt’s EFG-Hermes reports 38% decline in first-half profits

Egyptian investment bank EFG-Hermes Holding posted a 38 percent drop year-on-year in its net profits to 422.9 million Egyptian pounds ($26.6 million) during the first half of this year.

Earlier, profits registered 686.5 million pounds during the first half of 2019.

Revenues recorded 2.98 billion pounds during the January-June period, down from 3.16 billion pounds during the same period last year, according to a bourse filling on Tuesday.

EFG-Hermes made standalone profits worth 70.95 million pounds during the first half of the current year.