Cairo – The consolidated net profits attributable to the owners of Egyptian Gulf Bank (EG Bank) hiked to EGP 672.25 million in the first half (H1) of 2023 from EGP 406.63 million a year earlier.

The net interest income amounted to EGP 1.76 billion in H1-23, an annual surge from EGP 1.36 billion, according to the interim consolidated financial results.

Basic earnings per share (EPS) stood at EGP 1.13 during the first six months (6M) of 2023, versus EGP 0.72 in 6M-22.

As of 30 June 2023, the total assets hit EGP 104.15 billion, while the clients’ deposits reached EGP 78.54 billion.

Standalone Business

The EGX-listed lender logged standalone net profits after tax valued at EGP 656.94 million in H1-23, up year-on-year (YoY) from EGP 409.46 million.

Financial Results for Q2-23

EG Bank generated EGP 359.47 million in consolidated net profit attributable to the shareholders during the second quarter (Q2) of 2023, marking a year-on-year (YoY) jump from EGP 212.87 million.

The net interest income soared to EGP 843.08 million in Q2-23 from EGP 686.51 million in Q2-22, while the EPS increased to EGP 0.59 from EGP 0.38.

As for the standalone financials, the net profits enlarged to EGP 340.64 million in April-June 2023 from EGP 212.05 million a year earlier, while the interest net income widened to EGP 841.93 million from EGP 685.45 million.

In the January-March 2023 period, EG Bank posted consolidated net profits after tax from continuing operations valued at EGP 312.77 million, higher by 61% YoY than EGP 193.75 million.

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