Cairo – Mubasher: The shareholders of Egyptian Gulf Bank (EG Bank) agreed to disburse EGP 250.25 million bonus shares at a nominal value of EGP 0.02 per share.
The ordinary general meeting (OGM) greenlighted the bonus shares, on 18 March 2024, in line with the bank’s plans to increase its capital, according to a bourse disclosure.
Last January, EG Bank unveiled plans to raise its issued and paid-up capital by EGP 500 million financed from the disclosed profits in the distribution account for 2023.
Regarding the financial position, the EGX-listed lender posted 75% higher consolidated net profits after tax from continued operations at EGP 1.48 billion in 2023, compared to EGP 845.83 million in 2022.
