Earnings Watch- EFG Hermes saw 8% y-o-y net profit growth in 2Q2020

EARNINGS WATCH- EFG Hermes saw 8% y-o-y net profit growth in 2Q2020: EFG Hermes saw net profits grow to EGP 328 mn in 2Q2020, according to a company’s earnings release (pdf) as revenues rose 26% y-o-y to EGP 1.3 bn in 2Q2020. “Top line performance was primarily driven by revenue growth at the Group’s investment bank arm,” the company said, noting revenues there had risen 40% over the same period last year to EGP 1.0 billion as regional capital markets recovered and a “subsequent revaluation of seed capital and investments.” Group CEO Karim Awad said EFG has “shown resilience in the second quarter of 2020 as we continued to navigate a challenging external environment as a result of the covid-19 pandemic. EFG Hermes is ideally positioned to capture new opportunities when global markets and economic activity picks up.”