DUBAI, (Reuters) – EFG-Hermes ,Egypt’s largest investment bank, said second quarter profit doubled after boosting income from brokerage and investment banking services in the most populous Arab nation.
Net income in the three months to June 30 rose 103.3 percent to 313.9 million Egyptian pounds ($55.65 million), compared with 154.4 million pounds in the year-earlier period, the bank said in a statement received late on Tuesday.
Operating revenue rose almost 73 percent to 320 million Egyptian pounds, a record, it said. Income from brokerage services and investment banking in Egypt rose 31.7 percent and 25.9 percent, it said.
Investment banking revenue in the United Arab Emirates increased 14.7 percent to 47 million pounds, it said.