Cairo – Egyptian Gulf Bank (EG Bank) witnessed 70% higher consolidated net profits after tax standing at EGP 1.05 billion in the first nine months (9M) of 2023, versus EGP 621.48 million in 9M-22.

Net interest income widened by 45% year-on-year (YoY) to EGP 8.59 billion in 9M-23 from EGP 5.92 billion, according to the consolidated financial results.

Basic earnings per share (EPS) hit EGP 1.77 in the January-September 2023 period, marking an annual leap of 65% from EGP 1.07.

Total deposits grew by 13% to EGP 81.14 billion during 9M-23 from EGP 71.72 billion as of 31 December 2022.

Standalone Income Statements

In the nine-month period that ended on 30 September 2023, the lender’s non-consolidated profits after tax climbed by 67% YoY to EGP 1.04 billion from EGP 624.61 million.

During the first half (H1) of 2023, EG Bank achieved consolidated net profits attributable to the owners valued at EGP 672.25 million, compared to EGP 406.63 million in H1-22.

As for the standalone business, the net profits after tax increased to EGP 656.94 million in H1-23 from EGP 409.46 million during the corresponding period in 2022.

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