Egypt: FRA greenlights EG Bank’s capital raise

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Cairo – The Financial Regulatory Authority (FRA) passed the request of Egyptian Gulf Bank (EG Bank) to increase its issued and paid-up capital to $510.10 million from $499.50 million.

The $10.60 million raise will be distributed over 10.60 million shares at a nominal value of $1 per share, according to a bourse filing.

Last March, EG Bank obtained the approval of its shareholders to grant EGP 250.25 million bonus shares at a nominal value of EGP 0.02 per share.

In the first quarter (Q1) of 2024, the EGX-listed lender posted consolidated net profits after tax from continued operations valued at EGP 596.54 million, an annual leap of 91% from EGP 312.77 million.

Meanwhile, the standalone net profit hiked by 70% to EGP 537.49 million in Q1-24 from EGP 316.30 million in the three-month ended on 31 March 2023.