EFG-Hermes Q2 profit plummets 57 pct

Egyptian investment bank EFG-Hermes posted a 57 percent fall in second-quarter net profit to 176 million Egyptian pounds ($32 million) on Thursday.

The company made 409 million pounds in the second quarter of 2008, and 140 million pounds in the first quarter this year.

Second-quarter net revenue was 382 million pounds, down from 807 million pounds a year ago, with a sharp decline in fee and commission revenue to 220 million pounds versus 570 million in the second quarter of 2008.END