EFG-Hermes Holding SAE, the biggest publicly traded Arab investment bank, said it’s cutting costs to cope with declining stock markets after popular revolts toppled governments in the region.
“We are adopting a very aggressive cost-reduction plan,” Chief Executive Officer Yasser El-Mallawany said in an interview in Davos, Switzerland, where he’s attending the World Economic Forum. “We should see a serious impact partially in 2012, but mostly in 2013, on costs,” without hurting the firm’s biggest revenue sources, he said.
Egypt’s EGX 30 Index slumped 49 per cent last year after the ouster of President Hosni Mubarak. Third-quarter profit at EFG- Hermes plunged 64 per cent to 32 million Egyptian pounds ($5.3 million) as investment-banking income declined. Revenue at the investment bank slumped 38 per cent to 150m pounds and group revenue fell 20 per cent to 396m pounds.
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