Cairo – Mubasher: EFG Hermes reported a 43% year-on-year profit growth in its consolidated profits during the first quarter of 2019 on the back of higher revenues.

The Cairo-based investment bank’s net profits amounted to EGP 381.34 million in the January-March period of 2019, compared to EGP 266.49 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

Meanwhile, revenues rose to EGP 1.85 billion in Q1-19, compared to EGP 1.19 billion in Q1-19.

As for standalone business, EFG Hermes turned into losses of EGP 142.52 million in the three-month period ended 31 March, versus a profit of EGP 33.74 million in the same period a year earlier.

Profits attributable to shareholders stood at EGP 374 million in Q1-19, compared to EGP 248 million in Q1-18.

For the full-year 2018, EFG Hermes logged net profit of EGP 1.05 billion, compared to EGP 1.24 billion in the previous year, including minority shareholders’ rights.