Cairo – Mubasher: EFG Hermes on Thursday reported a 23.7% year-on-year drop in consolidated profits for the first nine months of 2018.

The Egyptian investment bank's profits retreated to EGP 767.16 million during the period starting January to September from EGP 1.005 billion in the year-ago period, according to a filing to the Egyptian Exchange (EGX).

Meanwhile, standalone profits surged to EGP 190.8 million at the end of September from EGP 178.10 million in the corresponding nine-month period of 2017.

EFG Hermes previously posted a 37.2% year-on-year drop in consolidated profits for the first half of 2018, recording EGP 479.7 million from EGP 765.37 million.

In the second quarter of 2018, the leading firm logged EGP 200 million in net profits, versus EGP 395 million in the same quarter last year.