EFG-Hermes, a financial services corporation in the Middle East and North Africa, reported on Monday the first quarter (Q1) results, “with net profit after tax and minority interest from continued operations of EGP 236m,” according to its press statement. As a result, the ratio of employee expenses to operating revenues stood at 43% in Q1 2017—well below 50% for the thirteenth straight quarter,” according to the press statement. EFG-Hermes continued to divest its remaining stake in Credit Libanais (CL) after the sale of its majority stake in the bank and its subsequent deconsolidation in the second quarter of last year. In Q1 2017, the firm offloaded an additional 2% of CL’s shares, thus leaving it with a 13.1% stake at the end of the period, the statement noted. Accordingly, EFG-Hermes reported a net profit from “continued and discontinued operations of EGP 359m in Q1 2017 on gains realised from the sale of the additional stake in CL during the quarter.”

Source: Daily News Egypt May 15, 2017 15:45 UTC