Cairo – Mubasher: The Egyptian Gulf Bank (EG Bank) announced that its shareholders approved a decision to increase its capital through a bonus issue.

The bank’s ordinary general meeting (OGM) agreed to raise the issued capital by $32.122 million to $422.74 million from $390.61 million through issuing bonus shares, according to a bourse disclosure on Tuesday.

The bank will issue 32.122 million bonus shares at a rate of 0.0822 share for every share held.

For the full-year 2019, EG Bank reported net profits of EGP 657.9 million, up from EGP 559.98 million in the previous year.