Cairo – Mubasher: Egyptian Gulf Bank’s (EG Bank) board of directors decided to increase the lender’s issued capital to $390.61 million from $365.36 million.
The bank’s capital is set to be raised by $25 million, distributed over 25.25 million shares, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
In July, EG Bank’s board of directors decided to carry on with the procedures to increase the capital upon the ordinary general meeting’s (OGM) decision to distribute retained earnings worth EGP 452.36 million as bonus shares to shareholders.
The bank’s capital reaches $365.36 million, distributed over 365.36 million shares at a nominal value of $1 apiece.
During the first half of 2019, EG Bank’s standalone profits stood at EGP 293.2 million, compared to EGP 294.02 million in the year-ago period, according to the lender’s unaudited financial results.
The bank’s interest income fell to EGP 3.6 billion in H1-19, compared to EGP 3.7 billion in H1-18.
