Cairo – Mubasher: The board of directors of the Egyptian Gulf Bank (EG Bank) has approved the estimated budget for 2020.

The lender targets a 15% year-on-year profit increase for the next year, according to a statement to the Egyptian Exchange (EGX) on Monday.

No other details on the budget have been disclosed.

It is noteworthy that during the first nine months of 2019, EG Bank reported a net profit of EGP 458.1 million, up from EGP 416.47 million in the corresponding period a year earlier.