Cairo – Mubasher: The consolidated net profits of Egyptian Gulf Bank (EG Bank) grew year-on-year (YoY) to EGP 1.28 billion in the first half (H1) of 2024 from EGP 672.25 million, according to the financials.

Earnings per share (EPS) hiked to EGP 2.08 as of 30 June 2024 from EGP 1.13 a year earlier, while the net interest income climbed to EGP 2.60 billion from EGP 1.76 billion.

Total assets enlarged to EGP 138.55 billion in H1-24 from EGP 97.49 billion as of 31 December 2023, while the customers’ deposits jumped to EGP 115.93 billion from EGP 81 billion.

Standalone Results

The standalone net profit after tax amounted to EGP 1.23 billion in H1-24, compared to EGP 656.94 million in the January- June 2023 period. The net interest income grew to EGP 2.58 billion from EGP 1.76 billion.

Financials for Q2

EG Bank posted consolidated profits valued at EGP 686.89 million in the second quarter (Q2) of 2024, higher than EGP 359.47 million a year earlier.

The net interest income hiked to EGP 1.40 billion in Q2-24 from EGP 843.08 million in Q2-23, while the EPS climbed to EGP 1.14 from EGP 0.59.

Non-consolidated net profits jumped to EGP 696.49 million in April-June 2024 from EGP 340.64 million in Q2-23, while the net interest income soared to EGP 1.39 billion from EGP 841.93 million.

In the first three months (3M) of 2024, the lender registered 91% YoY higher consolidated net profits after tax from continued operations at EGP 596.54 million, versus EGP 312.77 million.