EFG Hermes, Egypt's biggest investment bank, has revealed its group reports profits tumbled 81 per cent during the turmoil which engulfed the region last year, weeks after announcing it is in merger talks with Qatar's Qinvest.
Total earnings at the Egyptian banking group fell to 133 million Egyptian pounds from 700.4m a year earlier. EFG Hermes blamed the losses on lower revenues due to political unrest in the region during the Arab Spring, and global sovereign debt and growth fears.
Revenues for the year were down 33 per cent at 1.6bn pounds, compared to 2.4bn the year before.
Analysts said the losses did not reflect underlying problems at the company. "It is not a fundamental issue, it is just temporary," said Aybek Islamov, director of emerging market banks equity research at HSBC.
The bank's securities brokerage, investment banking and asset management arms all reported lower earnings as investors fled its core Arab market for safer havens amid outbreaks of revolution, and weak global demand for risk assets."[Last year was] a particularly challenging year, with economic and political uncertainty casting a shadow across not only our region, but the entire globe," said Hassan Heikal, chief executive officer at EFG Hermes.
Heavy losses at the Egyptian bank, which has offices in nine Arab countries, comes as it has announced it is planning a merger with Qinvest, the largest investment bank in Qatar.
The financial giants are discussing a combining some of their operations to create an investment bank covering the Arab world, Africa, Turkey and South and South East Asia
The proposed venture would include securities brokerage, asset management and investment banking operations, the two said in an emailed statement, parts of EFG Hermes' business which took the severest hit last year.
lmiller@thenational.ae
KILLING OF QASSEM SULEIMANI
Jordan cabinet changes
In
- Raed Mozafar Abu Al Saoud, Minister of Water and Irrigation
- Dr Bassam Samir Al Talhouni, Minister of Justice
- Majd Mohamed Shoueikeh, State Minister of Development of Foundation Performance
- Azmi Mahmud Mohafaza, Minister of Education and Minister of Higher Education and Scientific Research
- Falah Abdalla Al Ammoush, Minister of Public Works and Housing
- Basma Moussa Ishakat, Minister of Social Development
- Dr Ghazi Monawar Al Zein, Minister of Health
- Ibrahim Sobhi Alshahahede, Minister of Agriculture and Minister of Environment
- Dr Mohamed Suleiman Aburamman, Minister of Culture and Minister of Youth
Out
- Dr Adel Issa Al Tawissi, Minister of High Education and Scientific Research
- Hala Noaman “Basiso Lattouf”, Minister of Social Development
- Dr Mahmud Yassin Al Sheyab, Minister of Health
- Yahya Moussa Kasbi, Minister of Public Works and Housing
- Nayef Hamidi Al Fayez, Minister of Environment
- Majd Mohamed Shoueika, Minister of Public Sector Development
- Khalid Moussa Al Huneifat, Minister of Agriculture
- Dr Awad Abu Jarad Al Mushakiba, Minister of Justice
- Mounir Moussa Ouwais, Minister of Water and Agriculture
- Dr Azmi Mahmud Mohafaza, Minister of Education
- Mokarram Mustafa Al Kaysi, Minister of Youth
- Basma Mohamed Al Nousour, Minister of Culture
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If you go
- The nearest international airport to the start of the Chuysky Trakt is in Novosibirsk. Emirates (www.emirates.com) offer codeshare flights with S7 Airlines (www.s7.ru) via Moscow for US$5,300 (Dh19,467) return including taxes. Cheaper flights are available on Flydubai and Air Astana or Aeroflot combination, flying via Astana in Kazakhstan or Moscow. Economy class tickets are available for US$650 (Dh2,400).
- The Double Tree by Hilton in Novosibirsk ( 7 383 2230100,) has double rooms from US$60 (Dh220). You can rent cabins at camp grounds or rooms in guesthouses in the towns for around US$25 (Dh90).
- The transport Minibuses run along the Chuysky Trakt but if you want to stop for sightseeing, hire a taxi from Gorno-Altaisk for about US$100 (Dh360) a day. Take a Russian phrasebook or download a translation app. Tour companies such as Altair-Tour ( 7 383 2125115 ) offer hiking and adventure packages.