Arab Finance: Egyptian Gulf Bank (EG Bank) posted a 91% year-on-year (YoY) increase in consolidated net profit after tax for the first quarter (Q1) of 2024, according to the financial indicators filed to the Egyptian Exchange (EGX) on April 24th.

The bank’s consolidated net profit after tax stood at EGP 598.541 million in Q1 2024, compared to a profit of EGP 312.778 million in the same quarter of 2023.

Moreover, the bank’s standalone net profit after tax jumped by 70% YoY in Q1 2024 to EGP 537.491 million from EGP 316.305 million.

EG Bank is engaged in the provision of corporate, retail, and investment banking services through a network of 16 branches located across Egypt.

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