Egyptian Gulf Bank reports 61% YoY increase in Q1 consolidated profit

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EG Bank is engaged in the provision of corporate, retail, and investment banking services

Staff Writer, Arab Finance

May 8, 2023

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Egyptian Gulf Bank (EG Bank) posted a 61% year-on-year (YoY) increase in consolidated net profit after tax for the first quarter (Q1) of 2023, according to the financial indicators filed to the Egyptian Exchange (EGX) on May 7th.

The bank’s consolidated net profit after tax stood at EGP 312.778 million in Q1 2023, compared to a profit of EGP 193.75 million in the same quarter of 2022.

Moreover, the bank’s standalone net profit after tax jumped by 60% YoY in Q1 2023 to EGP 316.305 million from EGP 197.408 million.

EG Bank is engaged in the provision of corporate, retail, and investment banking services through a network of 16 branches located across Egypt.

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