Last checked at 11 Nov 2014 07:38
EFG HERMES REPORTS THIRD QUARTER 2014
GROUP EARNINGS OF EGP100 MILLION; ON TOTAL OPERATING REVENUES OF EGP598 MILLION
http://www.rns-pdf.londonstockexchange.com/rns/6839W_-2014-11-11.pdf
http://www.rns-pdf.londonstockexchange.com/rns/6839W_1-2014-11-11.pdf
Cairo, November 11th, 2014 - EFG Hermes reported today Group net profit after tax and minority interest of EGP100 million in 3Q2014, up 58% Y-o-Y. Total assets stood at EGP75.5 billion at the end of 3Q2014.
Key Highlights
· In spite of the inherent seasonality of our business during the third quarter (with the slow summer season and the month of Ramadan), the Group was still able to achieve its third consecutive quarter of EGP100 million or more of net profits
· The Group net operating profit rose 46% Y-o-Y to EGP247 million in 3Q2014, translating into a Group net operating margin of 41%; boosted by the Investment Bank robust revenue growth combined with its cost discipline
· The Group reported a net profit after tax and minority interest of EGP100 million in 3Q2014, up 58% Y-o-Y; driven by the Investment Bank's profitability
· Echoing higher returns generated from the core business, the Investment Bank reported a net operating profit of EGP85 million in 3Q2014, up 487% Y-o-Y; and filtering into a net profit after tax and minority of EGP43 million in 3Q2014, up from a loss of EGP11 million a year earlier
· Fee and commission revenues, which includes the four core business lines, rose 52% Y-o-Y to EGP211 million in 3Q2014; and was mainly driven by higher Brokerage commissions as liquidity improved in most of our traded markets and stronger Investment Banking revenues which reflects the substantial market share in Egypt and growing market share in the GCC
· With the ongoing emphasis on cost management, total operating expenses of the Investment Bank declined 15% Y-o-Y to EGP149 million in 3Q2014 on lower employee expenses and other operating expenses
· Credit Libanais reported a net profit of USD15.9 million in 3Q2014, a decline of 11% Y-o-Y. The bank's total assets stood at USD9.0 billion with a loan-to-deposit ratio of 36.3%.
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