EGBANK's net profits jump by 60%, record EGP316.3 mn At Q1-2023

The unaudited separate financial statements of Egyptian Gulf Bank, which ended on March 31, 2023, revealed an increase in the bank’s net profit after tax, at a growth rate of 60%, to record EGP316.306 mn during the first quarter of 2023, compared to EGP197.408 mn during the same period of 2022.

Pre-taxes profit increased by a growth rate of 40%, to record EGP 541.393mn during the first quarter of 2023, compared to EGP 386.668m during the same period of the previous year.

Interest income increased by a growth rate of 37%, to record EGP2.601 bn during the first quarter of 2023, compared to EGP1.894 bn during the first quarter of 2022, while the basic share of profits increased during the first quarter of this year, with a growth rate of 58% during the same period.

And at the level of the bank’s separate financial position list, total deposit portfolio increased by a growth rate of 11% and an increase of EGP7.940 bn, to record EGP 79.663 bn at the end of March 2023, compared to EGP71.723 bn at the end of 2022.

While the bank’s net customer loans increased by a growth rate of 9% during the first quarter of this year, to reach EGP 29.313 bn at the end of March 2023, compared to EGP 26.898 bn at the end of December 2022, an increase of EGP 2.415 bn.

Total shareholders’ Equity increased by a growth rate of 7% during the first quarter of this year, to record EGP 5.692 bn at the end of March 2023, compared to EGP 5.317 bn at the end of December 2022.

Retained earnings increased by a growth rate of 44% during the first quarter of this year, to record EGP 658.844mn at the end of March 2023, compared to EGP 457.109mn at the end of 2022.