Cairo – Mubasher: Union National Bank – Egypt (UNBE) on Sunday said that its extraordinary general meeting (EGM) had agreed to raise the issued and paid-up capital to EGP 1.47 billion from EGP 1.4 billion.

The EGM has also approved the distribution of bonus shares worth EGP 70.2 million over 12.5 million shares, or a 1-for-20 basis bonus shares, to old shareholders for 2017 profits, the lender highlighted in a statement to the Egyptian Exchange (EGX).

The general assembly also decided to amend articles 7 and 8 of the company’s Article of Association in line with the capital increase following the approval of the Central Bank of Egypt (CBE).

In May, the bank’s board approved to raise issued capital by EGP 70.22 million to EGP 1.47 billion from EGP 1.4 billion to be distributed over 12.5 million shares at a par value of EGP 5.60 per share.

Earlier this day, UNB Egypt reported a 22.6% year-on-year drop in its net profit for the first nine months of 2018.

The bank generated EGP 213.17 million in profits for the nine-month period ended September, from EGP 275 million in the year-ago period, according to a filing to the Egyptian Exchange (EGX).

Revenues increased to EGP 2.6 billion at the end of September, from EGP 1.9 billion in the same nine-month period of 2017.