​EFG Hermes reported record revenues and net income for the first half of 2008. (Click here for the complete Earnings Release) In the first half of the year to June 30, 2008, the firm reported total consolidated revenues of EGP 1.53 billion, up 56% over the same period last year. Revenues in the second quarter of this year grew 64.7% over 2Q 07 to EGP 871.3 million and were predominantly booked through investment banking operations. Meanwhile, net profit after tax and minority interest surged 34.2% to EGP 757.7 million in 1H 08 compared to EGP 564.5 million in the same half last year, with a 61.7% profit margin. “EFG Hermes posted its best half-year results ever despite volatility in major regional markets due to an ongoing correction and the global economic slowdown,” says EFG Hermes CEO Yasser El-Mallawany. “The firm’s performance in the second quarter is a testament to the group’s strength and market leadership across the region, a fact underscored by our becoming the first investment bank in the region to simultaneously close two large IPOs.” Total revenues booked from the Investment Bank reflect 94.7% growth over 2Q 07 to EGP 741 million, excluding unrealized incentive fees for the quarter totaling EGP 97.4 million, with total revenue from the Investment Bank nearly doubling over 1H 07 to EGP 1.26 billion, a level that is 68.1% of the full-year 2007 level. “Across the region, we are reaping the fruits of our strategy of adding new markets, products and clients,” notes EFG Hermes CEO Hassan Heikal, adding, “We are particularly pleased with the breakdown of operating revenues in the first half, which reflect our strategy of focusing on the larger and more stable asset management business as a core driver going forward.