Decrease in fee and commission income hits Egyptian bank
EFG-Hermes, an Egyptian investment bank, has reported a 7.8 per cent fall in third-quarter profits. It made a profit of £E150.7m ($27.6m) in the three months to the end of September, compared with £E163.4m in the same period of 2008.
The bank said the drop in profits was the result of a decrease in fee and commission income of 57.7 per cent to £E179m. This was the result of “market conditions over the year as volumes and valuations declined,” according to a bank statement.
Total revenues fell 27.9 per cent to £E346m, compared with the same period of 2008.
The bank said it was beginning to see signs of a recovery in the third quarter. “The third quarter of 2009 is the first quarter since the financial crisis that witnessed net cash inflows, a trend that continued into the fourth quarter of 2009,” according to the statement.
Total assets under management rose to $4.3bn, from $4bn at the end of the June.