Cairo – The ordinary general meeting (OGM) of the Egyptian Gulf Bank (EG Bank) approved cancelling its previous decision to increase the bank's capital to $486.48 million from $453.05 million by offering bonus shares.

Hence, the OGM approved raising EG Bank’s issued and paid-up capital by $46.44 million (EGP 904.37 million) to $499.50 million from $453.05 million, according to a stock exchange statement on Thursday.

The capital increase will be carried out by issuing 46.44 million bonus shares or 0.10 shares for every original share.

In the meantime, the board of directors approved the audited estimated budget of the bank for fiscal year (FY) 2022, expecting a rise of 20% in profits when compared to the FY ended 31 December 2021.

In the first half (H1) of 2022, the consolidated net profits of EG Bank grew by 27% year-on-year (YoY) to EGP 406.63 million, compared to EGP 320.20 million.

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