Egyptian Gulf Bank 9-Month Net Profit Up 152.6%

The Egyptian Gulf Bank’s (EGB) net profit witnessed a remarkable increase of 152.6% in the first nine months of 2012, registering EGP 121.85 million at the end of last September, compared to EGP 48.26 million for the corresponding period in 2011.

The bank’s separated financial results showed that the loans, credit facilities and Murabahas offered by the bank fell by 2.84%, to reach EGP 3.136 billion at the end of last September, compared to EGP 3.22 billion at the end of December 2011.

The bank’s investments in government debt instruments surged by 229.9%, registering EGP 1.554 billion at the end of last September, compared to EGP 471 million at the end of 2011.

The deposits held by the bank climbed by 17.53%, registering EGP 6.431 billion at the end of Q3 of 2012, compared to EGP 5.472 billion at the end of 2011.