Last checked at 11 May 2016 08:29
EFG HERMES REPORTS FIRST QUARTER 2016EARNINGS FROM CONTINUED OPERATIONS OF EGP79 MILLION; ON OPERATING REVENUE OF EGP397 MILLION
http://www.rns-pdf.londonstockexchange.com/rns/8968X_-2016-5-11.pdfhttp://www.rns-pdf.londonstockexchange.com/rns/8968X_1-2016-5-11.pdf
Cairo, May 11th, 2016 - EFG Hermes reported today net profit after tax and minority interest from continued operations of EGP79 million in 1Q16 up 17% Y-o-Y. Operating revenue from continued operations rose 62% Y-o-Y to EGP397 million in 1Q16.
Key Highlights
1Q2016
EFG Hermes announced that it is in the process of selling its stake in the Commercial Bank, Credit Libanais. Accordingly, the Commercial Bank is presented as discontinued operations in the financial statements of 1Q16.
Highlights of Continued Operations (Investment Bank)
· Boosted by higher revenue generated from all business lines, the Investment Bank reported an operating revenue of EGP397 million, up 62% Y-o-Y in 1Q16. This excludes revenue generated from the recently acquired micro-finance player "Tanmeyah", which is yet to be included in 2Q16 results;
· Investment Bank operating expenses rose 69% Y-o-Y to EGP266 million in 1Q16, mainly on the back of higher employee and other operating expenses. However, employee expenses/operating revenue came at 52% in 1Q16;
· This filters into a net operating profit for the Investment Bank of EGP131 million in 1Q16, up 50% Y-o-Y; and a net profit after tax and minority interest of EGP79 million, up 17% Y-o-Y in 1Q16;
Highlights of Dis-continued Operations (Commercial Bank)
· The announcement of the potential sale of our stake in Credit Libanais and its subsequent reclassification as asset held for sale resulted in incurring non-cash loss due to realizing the impairment loss on measurement of assets held for sale of EGP280 million that turned the profit realized by the discontinued operation of the Commercial Bank into a net loss of EGP207 million;
· Accordingly, the Group reported a net loss after tax and minority interest of EGP128 million in 1Q16.
For full report and financial statements, please click on the links on top of the page.
For further information:
Investor Relations Contacts
Email: investor-relations@efg-hermes.com
Head of Investor Relations
Hanzada Nessim
Email: hnessim@efg-hermes.com
Tel: +20 (0)2 35356502
Fax: +20(0)2 3535 7017
www.efg-hermes.com