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Wednesday, 15 June 2011

EFG-Hermes says Q1 profit nearly wiped out | Reuters

EFG-Hermes, Egypt's biggest investment bank, said first-quarter net profit slumped 93 percent due to political turmoil and an exceptional capital gain having boosted figures in the same period last year.

This year's uprisings in Arab countries hit the region's investment banks by depressing stock markets and suppressing appetite for fresh capital. Analysts say the outlook remains tough.

EFG-Hermes said on Wednesday its investment banking operations were also hurt by the closure of the Egyptian stock exchange for 38 trading days in the quarter, due to unrest.