Cairo – Mubasher: The extraordinary general meeting (EGM) of Export Development Bank of Egypt (EBank) has approved raising the authorised capital to EGP 20 billion from EGP 10 billion.

The EGM also ratified increasing the bank’s issued and paid-up capital by around EGP 2.45 billion to EGP 9.89 billion from EGP 7.44 billion through the distribution of bonus shares, according to a bourse filing.

The bonus shares will be paid at a rate of EGP 0.33 per share.

It is worth noting that the consolidated net profits of EBank jumped to EGP 1.09 billion in the first quarter (Q1) of 2024 from EGP 563.87 million in the corresponding period a year earlier.