Cairo – Mubasher: The board of directors of Egyptian Gulf Bank (EG Bank) has approved the bank's estimated budget for fiscal year (FY) 2023 during a meeting on Monday, 5 December.

The bank’s profits are expected to grow by more than 15% on an annual basis during 2023, according to a stock exchange statement on Tuesday.

During the first nine months (9M) of 2022, the bank registered EGP 621.48 million in consolidated net profits, a year-on-year (YoY) increase of 23% from EGP 505 million, including minority shareholders’ rights. 

As for the standalone financials, the bank’s net profits soared by 23% in 9M-22 to reach EGP 624.61 million, compared to EGP 507.01 million in 9M-21.