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EG Bank’s consolidated profits hit EGP 1.48bn in 2023

EG Bank’s consolidated profits hit EGP 1.48bn in 2023
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Egyptian Gulf Bank
EGBE
-0.32% 0.31 -0.00

Cairo – Mubasher: The consolidated net profits after tax from continued operations of Egyptian Gulf Bank (EG Bank) enlarged by 75% to EGP 1.48 billion in 2023 from EGP 845.83 million at the end of December 2022.

The listed lender posted interest from loans and similar income valued at EGP 12.01 billion in 2023, an annual leap of 46% from EGP 8.23 billion, according to the consolidated financial results.

Earnings per share (EPS) stood at EGP 2.45 last year, higher by 64% than EGP 1.49 in 2022.

Meanwhile, the customers’ deposits rose by 13% year-on-year (YoY) to EGP 81 billion as of 31 December 2023 from EGP 71.72 billion.

Standalone Business  

EG Bank logged standalone net profits after tax amounting to EGP 1.41 billion in 2023, marking a 65% YoY surge from EGP 855.52 million.

Non-consolidated customers’ deposits reached EGP 81.14 billion in the January-December 2023 period, up 13% from EGP 71.72 billion a year earlier.

In the first nine months (9M) of 2023, the EGX-listed bank recorded consolidated net profits after tax worth EGP 1.05 billion, an annual jump of 70% from EGP 621.48 million.