EGBank first half profits double to $29.4 mln

Egyptian Gulf Bank (EGBank) has more than double profits in the first half of the year to 260.6 million Egyptian pounds ($29.4 million).

Net income also rose 103 percent in the first half of 2016, compared to the same period last year.

Customers’ deposits recorded 31 billion pounds by the end of June 2016, marking a 52 percent y-o-y growth. Net loans surged 53 percent to 12.6 billion pounds.

Total assets were 49 percent higher to reach 34.8 billion pounds, compared to December 2015 figures.

Net interest income reached 520.6 million pounds; while net profit before tax rose 81 percent to 347 million pounds.

EGBank was established in 1981, under the investment law 43/1974 and its amendments. EGBank’s main founders are; Salah Mahmoud, Gawad Bu Khamseen, Fahd El Shobokshy, Abdel Rahman El Sharbatly and Misr Insurance, who had a vision of establishing an Egyptian bank to serve and support the developmental projects in Egypt and the Arab countries.