Egyptian Gulf Bank Eyes EGP 178 Mln Profit In 2013

The Egyptian Gulf Bank (EGB) approved the estimated budget which aims to increase net profit by 28% to reach EGP 178 million by the end of 2013, compared to EGP 139.2 million in 2012.

The bank’s financial statements showed that the bank’s net profit rose 24.1% (EGP 8.05 million) to reach EGP 41.4 million at the end of first quarter of 2013, compared to EGP 33.4 million at the end of the first quarter of 2012.

The bank’s investments in T-bills and other government securities surged 16.5% (EGP 306.4 million) to reach EGP 2.1 billion at the end of last March, compared to EGP 1.8 billion at the end of 2012.

In addition, the bank’s loans and credit facilities rose 6.4% (EGP 207.4 million) to reach EGP 3.4 billion at the end of the first quarter of 2013, compared to EGP 3.2 billion at the end of last year.

The bank’s deposit portfolio fell 1.2% (EGP 87.8 million) to reach EGP 6.9 billion at the end of last March, compared to EGP 7.08 billion at the end of 2012.

The value of the bank’s assets reached EGP 8.8 billion at the end of the first quarter of 2013, compared to EGP 8.6 billion at the end of 2012, registering an increase of 2.4% (EGP 209.7 million).