The investment bank made a strong contribution to both bottom-line profitability and to a 14 per cent rise in Group operating revenues. In the quarter just ended, the investment bank contributed
The significant pickup in the profitability of the investment bank owes to both the impact of cost optimisation measures and higher revenue generated from core business activities. The investment bank's operating revenue increased 27 per cent year-on-year to
Core lines of business continue to enjoy market-leading positions in
Cost optimisation effort, meanwhile, saw the ratio of employee costs to revenues decline to 49.8 per cent in 1Q2014, a range that management will continue to try to target going forward. By comparison, the ratio of employee costs to income stood at 72 per cent in 4Q2013 and 69 per cent in the same quarter of last year.
As a result of cost optimisation and the pickup in revenues, net operating profit at the investment bank has risen c. 17x from 1Q2013 to
The commercial bank, meanwhile, contributed
In line with a strategy to control costs and maximise shareholder value announced in
Key Operational Highlights
Securities Brokerage was the number-one ranked broker by market share of executions on the Egyptian Exchange (EGX) and assumed the top position on the
Investment banking is in the process of concluding its first transaction in Sub-Saharan Africa, advising
AUM grew five per cent quarter-on-quarter at asset management as a seven per cent appreciation in Egyptian and regional markets offset a two per cent net outflow of AUM, most of which came in the form of redemptions on local equity funds and outflows from Egyptian money market funds. Asset management's client base remains diversified.
Meanwhile, AUM at Private Equity stood at
The research house covers 132 equities representing c. 59 per cent of the aggregate regional market capitalisation, with further coverage of 11 economies from a macro perspective and eight in terms of regular strategy notes.
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