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EG Bank FY18 profit rises 12%

EG Bank FY18 profit rises 12%
Net profits reached EGP 579.9 million in the full-year ended 31 December 2018
Egyptian Gulf Bank
EGBE
-0.62% 0.32 -0.00

Cairo – Mubasher: Egyptian Gulf Bank (EG Bank) on Thursday reported a 12% year-on-year increase in consolidated profits for 2018, beating its estimates of EGP 575 million.

Net profits reached EGP 579.9 million in the full-year ended 31 December 2018, versus EGP 516.5 million in 2017, the bank said in a filing to the Egyptian Exchange (EGX).

Revenues from interest grew to EGP 7.5 billion in last year, versus EGP 6.66 billion a year earlier, the Egypt-based lender added.

Meanwhile, standalone profits rose to EGP 581.5 million in 2018, from EGP 500.6 million in 2017.

EG Bank previously posted a 6% year-on-year rise in consolidated profits for the first half of 2018, recording EGP 261.9 million, up from EGP 256.2 million in H1-17.

Revenues from interest rose to EGP 3.7 billion in H1-18, from EGP 2.9 billion in the comparative period of 2017.