EFG Hermes, a leading financial services corporation in Frontier Emerging Markets (FEM), announced that its assets under management have increased to $3.2 billion by the end of the second quarter of 2018 compared to $3.3 billion Q2.
It also recorded a net profit after tax and minority interest of 200 Egyptian pounds million on revenues of 1,004 million pounds in second quarter of 2018.
Fees and commission income climbed 17 per cent Y-o-Y 748 million pounds in 2Q18, with almost all business lines recording revenue growth.
The Group’s performance was supported by accelerated growth at its non-bank financial institutions (NBFIs) platform, particularly Tanmeyah Micro Enterprise Services (Tanmeyah), as well as solid contributions from the Group’s buy-side business.
Meanwhile, the Group’s capital markets and treasury operations reported revenues of 256 million pounds in 2Q18.
The sell-side business recorded revenues of 351 million pounds in 2Q18, supported by Brokerage revenues which reached 270 million pounds, up 14 per cent Y-o-Y, on higher Brokerage commissions and margin income.
Overall, the Investment Bank delivered a net profit after tax and minority interest of 158 million pounds in 2Q18; largely stable year-on-year if we excluded the one-off gains related to Credit Libanais’ stake sale in the comparable quarter last year.
