Arab Today, arab today efghermes posts drop in profits
Last Updated : GMT 00:01:14
Arab Today, arab today
Arab Today, arab today

EFG-Hermes posts drop in profits

Arab Today, arab today

Arab Today, arab today EFG-Hermes posts drop in profits

Cairo - Arabstoday

A drop in income from investment banking fees dragged down quarterly profits at EFG-Hermes, which struggled to seal deals due to Egypt\'s restive political climate. EFG-Hermes, one of the biggest investment banks in the Middle East, generated 34.9 million Egyptian pounds (Dh21.2m) in net profits for the first quarter, which was a 6.4 per cent decline compared with the same period last year. \"The investment banking department had a relatively quiet quarter closing only one transaction during the first quarter of 2012,\" the bank said. \"Our pitching efforts have also intensified quite significantly during the past period with our concentration shifting to countries outside Egypt. \"Markets like Saudi Arabia, Qatar and the Levant have been special areas of focus for us although competition is tough.\" The bank reported fee and commission income of 259m pounds, representing a 7.5 per cent fall compared with the same period a year earlier. Investment banking fees fell 40 per cent to 12m pounds, compared with the same period a year earlier. However, the bank said its work advising the demerger of Orascom Telecom was the first of its kind in the region and represented a new business line for the bank. Brokerage revenue fell to 62m pounds during the quarter despite stellar performance on the region\'s bourses, with revenues 9 per cent lower than the same quarter a year earlier. Egyptian brokerage revenues fell 5 per cent during the quarter, when the EGX30 was among the world\'s best-performing, and despite a bull market on the Saudi Tadawul during the same-period revenues from the bank\'s brokerage in the kingdom fell by half. On the Dubai Financial Market, the increase in brokerage executions \"lagged the improvement in market volumes\", the bank added. \"Market activity was triggered by speculative trades on selected stock and high net-worth families and individual retail clients dominating the market, while foreign and local institutional clients\' participation remained low.\" From: The National

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today efghermes posts drop in profits Arab Today, arab today efghermes posts drop in profits

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives Algerian heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives Algerian heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 20:48 2017 Wednesday ,22 February

Dividend announcements drive Muscat bourse

GMT 16:56 2017 Wednesday ,22 February

Global gold prices drop

GMT 16:01 2017 Wednesday ,22 February

Tadawul edges down 0.2%

GMT 13:22 2017 Wednesday ,22 February

Canadian stock market closes at record high

GMT 11:50 2017 Wednesday ,22 February

Most Asia markets up as Hong Kong rebounds

GMT 20:52 2017 Tuesday ,21 February

Asia stocks consolidate recent gains; China shines

GMT 10:37 2017 Tuesday ,21 February

Most Asia markets up as rally presses ahead
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday