Cairo – Mubasher: The unaudited financial results of the Egyptian Gulf Bank (EG Bank) showed a 5% year-on-year profit growth during the first nine months of 2019.

The bank’s net profits after taxes amounted to EGP 459.6 million during the January-September period, compared to EGP 438.4 million in the corresponding period a year earlier, according to a statement to the Egyptian Exchange (EGX) on Sunday.

EG Bank’s net interest income retreated to EGP 5.53 billion in the nine-month period ended 30 September, compared to EGP 5.6 billion in the year-ago period.

At the level of standalone business, the lender logged a net profit of EGP 478.4 million in the January-September period, up from EGP 427.22 million in the corresponding period of 2018.

It is noteworthy that during the first half of 2019, EG Bank’s net profit after taxes grew to EGP 292.1 million from EGP 275.3 million in H1-18.