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EFG Hermes profit rises in Q3 on strong buy-side revenue
StockMarketWire.com
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Financial services company EFG Hermes reported a rise in third-quarter profit after revenue increased by more than a fifth thanks to strong performance in its buy-side business.
Net operating profit rose 23% year-on-year to EGP556 million in 3Q20 as revenue rose 21% to EGP1.4 billion.
Revenue growth was underpinned by 'strong revenues generated from the buy-side, capital markets and the non-bank financial institutions,' the company said.
Buy-side revenues shot up 363% to EGP446 million in 3Q20, on the back of strong revenues recorded by the private equity business.
Story provided by StockMarketWire.com
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