EGB Approves Its 2011 Financial Results on March 29

Egyptian Gulf Bank will hold an ordinary general assembly on March 29th to approve its financial results for the year ended on December 31st 2011. EGB’s results showed a 65.7% retreat in profit, as it registered EGP 51.977 million in 2011, compared with EGP 151.497 million in 2010.

EGB’s investments in government treasury bills rose by 326.7%, as it reached EGP 471.1 million at the end of 2011, compared with EGP 110.4 million, thanks to the increase in deposits base amid low demand on local company’s credit, EGB said.

Deposit portfolio grew by 11.6%, in value to EGP 575 million, as it reached EGP 5.47billion in 2011, compared with EGP 4.90 billion in 2010.

Loan and credit facilities portfolio declined by 6.4%, as it reached EGP 3.22 billion, compared with EGP 3.44 billion, as a result of the low demand on credit in the second half of the year with repayments.