Cairo - Mubasher: The board of directors of Egyptian Gulf Bank (EGB) has approved the estimated budget for 2016, where it targets net profits of nearly EGP 316 million.
Meanwhile, the board gave go -ahead to raise the bank's capital by $129.36 million, distributed across 129.36 million shares at $1 par value each.
Last November, EGB said it will distribute bonus shares at 0.094 to 1 in the framework of its capital increase to $255.575 million.
The lender reported net profits of EGP 219.76 million for the first nine months of 2015, up 21.4% from EGP 181 million a year earlier.
