EG Bank registers 47% rise in Q1 profits

CAIRO – 5 July 2017: The Egyptian Gulf Bank (EG Bank) saw a 47 percent increase in its net profits in the first quarter of 2017, according to a stock statement on Wednesday.

Consolidated statements revealed that the net profits of the bank totaled LE 138 million ($7.7 million) in Q1 of 2017 compared to LE 94 million ($5.2 million) in the same period of the previous year.

The bank attributed the rise in net profits to the growth of interest revenues, which registered LE 1.37 billion in Q1 up from LE 612 million in the same quarter of 2016.