EG Bank revenues surge 104% in FY 2016/17

CAIRO – 3 August 2017: The Egyptian Gulf Bank’s (EG Bank) interests’ revenues surged 104 percent to LE 2.96 billion ($165 million) in the fiscal year ended June 30, 2017 from LE 1.45 billion in the year-ago period, a Thursday statement said.

Consolidated financial results revealed that net profits after deducting taxes rose 18 percent to reach LE 282.4 million, up from LE 238.7 million in the period ended June 30, 2016.

During the same period, sales increased 33 percent year-on-year to stand at LE 3.23 million, up from LE 2.43 million, while sales costs declined 53 percent to LE 2.8 million after registering LE 6 million in the fiscal year ended June 30, 2016.

Total deposits leveled up 24 percent to reach LE 50.4 billion in June 30, 2017, compared to LE 40.6 billion in December 31, 2016. Total loans also recorded a 28 percent increase to LE 24 billion, after LE 18.9 billion in the year-ago period.

The first six months of 2017 saw a 24 percent rise in the deferred profits to reach LE 330 million after LE 267 million in December 31, 2016.

The bank’s net profits hike 47 percent in the

first quarter of 2017

totaling LE 138 million compared to LE 94 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.