The consolidated financial results of Egyptian Gulf Bank (EG Bank) on Tuesday showed that profits surged 66% a year-on-year in the third quarter of 2017 due to the increase in the proceeds of loans.
EG Bank’s profits reached EGP 121.6 million in Q3-17, compared to EGP 73.4 million in Q3-16, according to a bourse filing.
The bank’s loans proceeds doubled to EGP 1.8 million in Q3-17 versus EGP 936.6 million in the same period last year.
Moreover, EG Bank’s profits increased to EGP 378.3 million in the first nine months of 2017 from EGP 312.16 million in the prior year, according to the statement.
As for standalone results, profits rose to reach EGP 381.7 million in the first three quarters of the current year, compared to EGP 310.16 million last year.
EG Bank had recently forecasted that its profits would grow to EGP 373.3 million ($21.2 million) in the first nine months, compared to EGP 208.9 million ($17.5 million) in the same period the year before.