EFG-Hermes turns Profitable in 2014, Net Profits soar

Egyptian investment bank, EFG-Hermes announced Thursday that its net profits for 2014 climbed to 706.98 million (US$92.7 million), versus net loss of 334.98 million pounds (US$43.9 million) in 2013.

In addition, EFG-Hermes (HRHO.CA on Egyptian bourse), one of the Middle East’s largest investment banks, also revealed its 2014 standalone financial statements, showing net profits of 443.4 million pounds (US$58.1 million), opposed to net loss of 916.3 million pounds (US$120 million) in 2013.