Cairo – Mubasher: Egyptian Gulf Bank (EG Bank) plans to increase the issued and paid-up capital by EGP 500 million financed from the disclosed profits in the distribution account for 2023.
The lender will proceed with the capital raise process in accordance with the Listing and Delisting Rules of the Egyptian Exchange(EGX), according to a bourse filing.
Meanwhile, the number of issued shares will be determined based on the prevailing exchange rate of the US dollar on the date of issuance of the general assembly's resolution
In 2023, the bank recorded consolidated net profits after tax from continued operations valued at EGP 1.48 billion, an annual leap of 75% from EGP 845.83 million.
The interest from loans and similar income enlarged by 46% to EGP 12.01 billion last year from EGP 8.23 billion in 2022, while the earnings per share (EPS) climbed by 64% to EGP 2.45 from EGP 1.49.
