Cairo – Egyptian Gulf Bank (EG Bank) logged consolidated net profits after tax worth EGP 845.83 million in 2022, up from EGP 695.33 million in 2021, including minority shareholders’ rights.

Earnings per share (EPS) stood at EGP 1.65 last year, higher than EGP 1.34 in 2021, according to the income statements.

Additionally, the interest income hit EGP 3.04 billion in the 12-month period that ended on 31 December 2022, compared to EGP 2.75 billion a year earlier.

The total assets hiked to EGP 86.73 billion in 2022 from EGP 80.19 billion in 2021, while the clients’ deposits enlarged to EGP 71.72 billion from EGP 64.39 billion.

Consolidated Financial Results for Q4

During the fourth quarter (Q4) of 2022, the bank witnessed an annual leap in net profits after tax to EGP 439.20 million from EGP 375.13 million, including minority shareholders’ rights.

The consolidated interest income increased to EGP 1.67 billion in Q4-22 from EGP 1.42 billion in Q4-21, whereas the EPS grew to EGP 0.85 from EGP 0.70.

Standalone Profits

EG Bank generated EGP 855.52 million standalone net profits after tax in 2022, an annual surge from EGP 695.65 million.

The Q4-22 net profits after tax widened to EGP 446.05 million from EGP 361.70 million in the year-ago period.

Dividends

The board of EG Bank recommended a dividend distribution of EGP 0.35 per share for 2022.

In the first nine months (9M) of 2022, the lender posted consolidated net profits worth EGP 621.48 million, an annual growth of 23% from EGP 505 million, including minority shareholders’ rights.

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