EBank’s consolidated profit leaps to $23.5mln in Q1-24; capital hike approved

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The consolidated net profits after tax of the Export Development Bank of Egypt (EBank) surged to EGP 1.09 billion in the first quarter (Q1) of 2024 from EGP 563.87 million in the equivalent quarter a year earlier.

Net interest income rose to EGP 1.97 billion in Q1-24 from EGP 1.16 billion in Q1-23, according to interim financial results.

Total assets reached EGP 142.13 billion at the end of March, up from EGP 118.42 billion on 31 December 2023.

Customer deposits increased to EGP 107.44 billion at March-end from EGP 86.70 billion three months earlier.

Standalone Results

Moreover, Ebank reported a standalone net profit of EGP 1.03 billion in Q1-24, a surge from EGP 501.79 million in the corresponding period a year earlier.

Standalone net interest income grew to EGP 1.89 billion in the three-month period that ended on 31 March 2024 from EGP 1.09 billion in Q1-23.

Meanwhile, earnings per share (EPS) reached EGP 1.32 in the January-March period, up from EGP 0.88 in the same period the year before.

Capital Hike

The bank’s board approved increasing the authorised capital from EGP 10 billion to EGP 20 billion.

The board also increased the issued and paid-up capital by EGP 2.45 billion to EGP 9.89 billion through the distribution of dividends.

EBank’s consolidated net profit leapt to EGP 3.40 billion in 2023 from EGP 1.33 billion in 2022.