The business results of the Egyptian Gulf Bank (EG Bank) have revealed an increase in the deposits of its customers estimated at 97% by the end of 2016, compared to the end of 2015, while the loan portfolio reached EGP 18.95bn, marking a 130% increase compared to December 2015.
According to a report issued by the bank, its total assets reached EGP 45.16bn by the end of 2016, a 93% increase compared to 2015. Total income from returns reached EGP 1.3bn—a 115% increase—resulting from the increase in assets.
Total banking income achieved a 103% growth, while the bank’s profits before tax reached EGP 665.36bn—a 56% increase compared to 2015. Total profits reached EGP 401.5m—a 44% increase compared to the previous year.
The report noted that achieving these increases was a result of the development approach recently adopted by the bank, which aims to develop and expand, with 15 new branches having been opened in 2016.
EG Bank ranked seventh of the 18 Egyptian banks on the list of the largest 100 banks in Africa, according to a study issued by the Union of Arab Banks.
The bank has won the award for the fastest growing bank in Egypt, which was offered by the Word Union of Arab Bankers. It also came amongst the 100 best institutions in terms of growth and performance in the Egyptian market for the second year in a row. It has also obtained the distinction of “Fastest Growing Bank in Egypt” by the International Finance Magazine.