EGBANK’s net profit jumps 23% to stand at EGP 855.5mn during 2022t

Egyptian Gulf Bank-EG Bank revealed that its net profits increased by 23% or EGP 159.9 million during 2022 to stand at EGP 855.5 million compared to EGP |695.7 million during the year 2021, according to recently published separate financial statement.

The bank’s pre-tax profits also increased by 4% over the past year, to record EGP 1.616 billion in 2022, compared to EGP 1.553 billion a year earlier. In addition, its net interest income witnessed an increase of by 8% to stand at EGP 8.234 billion over 2020 in comparison to EGP 7.615 billion in 2021.

Moreover, the bank’s total customer deposits increased by 11% to record EGP 71.723 billion at the end of December 2022, compared to EGP 64.424 billion at the end of December 2021.

The bank’s total loans also increased at a growth rate of 16% to generate EGP 26.898 billion at the end of December 2022, compared to EGP 23.250 billion at the end of December 2021.

The issued and paid-up capital of the bank have also jumped at a growth rate of 38%, bringing its capital to EGP 5.005 billion at the end of December 2022, compared to EGP 3.624 billion at the end of December 2021.