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EG Bank’s consolidated profit surges 91% YoY in Q1-24

EG Bank’s consolidated profit surges 91% YoY in Q1-24
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Egyptian Gulf Bank
EGBE
-1.00% 0.30 -0.00

Cairo – Mubasher: Egyptian Gulf Bank (EG Bank) reported a consolidated net profit after tax from continued operations of EGP 596.54 million during the first quarter (Q1) of 2024, up 91% year-on-year (YoY) from EGP 312.77 million.

The bank’s consolidated net interest income soared 30% YoY to EGP 1.20 billion in Q1-24 from EGP 924.99 million, according to unaudited financial statements.

The earnings per share (EPS) jumped 72% YoY to EGP 0.93 in the three-month period that ended on 31 March 2024 from EGP 0.54.

Customers’ deposits leapt to EGP 97.95 billion at the end of March from EGP 81 billion at the end of last year.

Standalone Results

The bank’s standalone net profit soared 70% YoY to EGP 537.49 million in Q1-24 from EGP 316.30 million.

Standalone net income went up 29% YoY to EGP 1.18 billion in the first three months of the year (3M) from EGP 923.49 million.

In 2023, EG Bank’s consolidated net profits after tax jumped 75% YoY to EGP 1.48 billion in 2023 from EGP 845.83 million.