Egyptian Gulf Bank Net Profit rises 12.6% in Six Months

The Egyptian Gulf Bank’s (EGB) net profit increased by 12.6% within the first half of 2015, bank’s financial lists showed Sunday.

The lists stated that EGB has obtained net profit estimated at 120.525 million Egyptian pounds at the end of June 2015 compared to 107.013 million Egyptian pounds at the same period of 2014.

According to the lists, the bank has witnessed high growth rates within the first six months of 2015 in credit and deposits sectors.

The Egyptian Gulf Bank’s investments in treasury bills hiked 105.6% at the end of June 2015 as they reached EGP 2.073 billion at the end of June 2015 opposed to EGP 1.008 billion at the end of December 2014.

The financial lists showed that Egyptian Gulf Bank has paid income taxes worth more than 71 million Egyptian pounds in six months due to the interest rates on investments of treasury bills and bonds estimated at 20%.

Bank’s portfolio of clients’ deposits hit EGP 12.576 billion at the end of June 2015 versus EGP9.042 billion at the end of December 2014, registering 39.08% increase.

Moreover, the lists revealed that Egyptian Gulf Bank’s liabilities recorded 14.542 billion Egyptian pounds at the end of June 2015 opposed to 9.517 billion Egyptian pounds at the end of December 2014, marking 52.7% growth.