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Friday, 15 May 2009

Caution keeps EFG-Hermes loss to a minimum

EFG-Hermes Holding, one of the biggest publicly traded investment banks in the region, said first-quarter profit declined 60 per cent to 140.1 million Egyptian pounds (Dh91m). Net consolidated revenue fell 49.3 per cent from the first quarter of 2008, while values in the equity markets in which the firm operates were down 62 per cent over the same period.

“We are clearly pleased with these results,” said Hassan Heikal, the chief executive of EFG Hermes. “We were relatively cautious as senior management was scarred by experiences in Egypt’s markets in 2001.”

He said that the firm’s integrated business model and the continued pursuit of a universal banking platform have been key advantages over regional and international peer groups.

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