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EFG-Hermes posts 53% drop in H1 profit

Egyptian investment bank EFG-Hermes has posted a 53% drop in net profits for the first six months of 2013 to EGP69m, compared with a consolidated net profit of EGP148.2 in the same period a year ago, Ahram has reported. EFG-Hermes reported a net loss of EGP29m in the second quarter of 2013, saying that regional conditions resulted in impairment charges, including some related to legacy investments.