Sunday 14 August 2011

Egypt's EFG-Hermes says Q2 net profit 79 Mln EGP | Reuters

EFG-Hermes, Egypt's biggest investment bank, said on Sunday its net profit for the second quarter of 2011 fell 19 percent year on year as operating costs outstripped revenue growth.

Net profit fell to 79 million Egyptian pounds from 97 million pounds in the second quarter of 2010, it said in an emailed statement.

Political turmoil in Arab countries hit the region's investment banks by depressing stock markets and drying appetite for fresh capital. Analysts say the outlook remains grim.

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