The Clap:
Egyptian Gulf Bank (EG Bank) has reported EGP 537.49 million in net income for the three months ending in March. EFG Holding also more than doubled its profit for the first quarter.
First up EG Bank, net interest income (NII):
The bank reported EGP 1.18 billion in NII for 1Q, rising 28.7% YoY.
Net fees and commissions income
rose to EGP 336 million, up 217.6% YoY.
Net profit:
The bank raked in EGP 537.49 million in net income for the period, a 69.9% YoY leap in its bottom line.
Secondly, EFG Holding
saw its revenues surge 92% YoY to EGP 8.6 billion on the back of strong fx-gains, unrealized gains on investments/seed capital; together with stronger revenues across all platforms.
Net operating profit
rose 142.1% YoY to EGP 3.6 billion.
Net Interest Income:
NII rose to EGP 890 million for 1Q 2024, a 66.6% YoY jump.
Net profit:
The firm’s net income rose 110% YoY to EGP 1.8 billion during the quarter.
