EFG-Hermes swings to full-year loss

March 29, 2014 11:21 am

Egyptian investment bank, EFG-Hermes has reported a net loss in 2013, hit by one-off charges including a writedown in the value of certain investments, Reuters has reported. The bank said it made a net loss of EGP335m ($48m), compared with a profit of EGP211m in 2012. Excluding the charges, normalised net profit doubled from 2012, it said. The one-off charges totalled EGP761m, including EGP616 the fourth quarter alone, EFG-Hermes said.