Egypt

HRHO: Q1 20 – Lowest profits in 3 years on IB operational weakness, IFRS 9 adoption

  • Operational weakness of the IB platform, especially brokerage and IB divisions

  • Higher provisions of EGP138mn, up from low double-digit figures, led to net loss of the NBFI platform

  • Unrealised losses from IFRS9 adoption weighed down on capital markets and treasury operations’ revenue growth

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