Cairo – Mubasher: EFG Hermes on Monday reported a 26% year-on-year drop in consolidated profits for the first quarter of 2018, recording EGP 268.4 million from EGP 362.79 million.

Revenues grew to EGP 1.19 billion in the three-month period ended last March, versus EGP 1.03 billion in the prior-year period, the Cairo-based company said in a filing to the Egyptian Exchange (EGX).

Meanwhile, standalone profits shrank to EGP 33.7 million in Q1-18, compared to EGP 207.15 million in Q1-17.

The leading investment bank had previously achieved consolidated profits of EGP 1.25 billion in the full-year ended December 2017, against EGP 1.49 billion in profits a year earlier, including minority shareholders’ rights.

EFG Hermes’ capital before increase amounts to EGP 3.07 billion distributed over 614.8 million shares at a par value of EGP 5 per share.