Cairo –  Egyptian Gulf Bank (EG Bank) plans to achieve 21% higher net profits in 2024 when compared with 2023.

The board members greenlighted the 2024 estimated budget on 10 December 2023, according to a bourse filing.

In the first nine months (9M) of 2023, EG Bank logged consolidated net profits after tax valued at EGP 1.05 billion, an annual leap of 70% from EGP 621.48 million.

Net interest income surged by 45% to EGP 8.59 billion in 9M-23 from EGP 5.92 billion in 9M-22, while the basic earnings per share (EPS) enlarged by 65% to EGP 1.77 from EGP 1.07.

Standalone net profits after tax hiked by 67% year-on-year (YoY) to EGP 1.04 billion as of 30 September 2023 from EGP 624.61 million.

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