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EG Bank profits rise 36% in 2017

EG Bank profits rise 36% in 2017
Interest revenues doubled to EGP 6.6 billion in 2017
Egyptian Gulf Bank
EGBE
-0.62% 0.32 -0.00

Cairo – Mubasher: Egyptian Gulf Bank (EG Bank) on Wednesday posted a 36% year-on-year rise in consolidated profits for 2017 due to a growth in interest revenues.

Net profit amounted to EGP 511.8 million last year, up from EGP 376.7 million in 2016, the bank said in a filing to the Egyptian Exchange (EGX).

Interest revenues doubled to EGP 6.6 billion in 2017, versus EGP 3.5 billion a year earlier.

Meanwhile, standalone profits grew to EGP 500.6 million from EGP 401.5 million last year.

EG Bank had previously said that its estimated budget for 2018 targets profit of EGP 575 million.