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EG Bank's shareholders approve bonus issue for 2020

EG Bank's shareholders approve bonus issue for 2020
The lender posted net profits of EGP 627.11 million in 2020
Egyptian Gulf Bank
EGBE
-0.62% 0.32 -0.00

Cairo – Mubasher: The Egyptian Gulf Bank (EG Bank) announced that its shareholders approved a bonus issue of 1% of divisible profits in 2020.

The shareholders decided to split the payment of the dividend in two tranches: the first one (5% of paid-up capital) is worth EGP 181.18 million and the second one is worth EGP 295.68 million, the bank said in a bourse disclosure on Monday.

In a bid to strengthen the bank’s capital, shareholders approved a decision to retain earnings and issue bonus share

In 2020, the lender posted net profits of EGP 627.11 million, down from EGP 659.53 million a year earlier.