Egyptian Gulf Bank Reports Impressive Growth in 2024
Cairo – Africazine: In a remarkable demonstration of financial resilience, the Egyptian Gulf Bank (EG Bank) has announced its consolidated net profits for the first nine months of 2024, reaching an astounding EGP 1.91 billion. This marks a significant increase of 81% compared to the EGP 1.06 billion reported in the same period last year. Such robust growth showcases the bank’s strong strategic positioning and effective management in a competitive landscape.
Delving further into the bank’s financial performance, net interest income soared to EGP 16.01 billion, reflecting an impressive 86% year-on-year increase from EGP 8.59 billion in 2023. This surge not only highlights the bank’s successful lending initiatives but also points to a thriving economic environment boosting consumer confidence and borrowing.
One of the standout indicators of EG Bank’s financial health is its basic earnings per share (EPS), which jumped 78% year-on-year, reaching EGP 3.23 as of September 30, 2024, up from EGP 1.81. The significant improvement in EPS is a testament to the bank’s efficient operations and a commitment to delivering value to shareholders.
Additionally, customers’ deposits surged to EGP 116.48 billion during the first nine months of the year, marking an impressive 44% increase from EGP 81 billion at the close of December 2023. Such a rise in deposits not only suggests growing trust in the bank but also enhances its ability to extend further credit, bolstering economic activity.
On a standalone basis, the bank recorded net profits after tax of EGP 1.93 billion in the January-September 2024 period, up by 85% from EGP 1.04 billion the previous year. Standalone interest income experienced a similar annual boost, hitting EGP 15.97 billion, an increase of 86% from EGP 8.59 billion.
For the first half of 2024, EG Bank also showcased promising results, reporting net profits of EGP 1.28 billion compared to EGP 672.25 million for the same timeframe in 2023. These figures not only emphasize the bank’s strength but also its pivotal role in supporting Egypt’s economic stability and growth trajectory.
As EG Bank continues on this upward trend, it reinforces its commitment to the Egyptian banking sector, paving the way for future innovations and improvements in service delivery that will benefit its customers and the wider economy.
