Cairo – Mubasher: The Egyptian Gulf Bank (EG Bank) reported net profits of EGP 657.9 million in 2019, up from EGP 559.9 million in the previous year, including minority shareholders’ rights.

Total interest income amounted to EGP 7.5 billion last year, compared to EGP 7.59 billion in 2018, the bank said in a statement to the Egyptian Exchange (EGX) on Wednesday.

As for standalone business, EG Bank logged net profits of EGP 675.34 million over the 12-month period ended 31 December 2019, compared to EGP 581.51 million a year earlier.

Moreover, the bank’s board of directors recommended a cash dividend distribution of EGP 515.26 million over two tranches.

The first tranche stands at EGP 155.4 million, representing 5% of the bank’s paid-up capital, and the second tranche amounts to EGP 359.8 million.