Egyptian Gulf Bank aims to achieve 316 million next year

Egyptian Gulf Bank stated to the Egyptian Stock Market this Thursday; The Governing Council decides to adopt the estimated budget for 2016, which aims to achieve a net profit of 316 million pounds. And that the Governing Council decided to increase the capital by about 129.36 million US dollars, divided into 129.36 million shares, with a nominal one dollar worth, by cash subscription, and that the segments determined by the Governing Council in accordance with the appropriate timing.

The adopted Disclosure Form according to the amendment Article (48) to increase issued and paid up, and authorize the administration to take action and to approve the capital increase, and to consider the right to a separate subscription, and add a part for reward and incentive system for workers.  Noting "Egyptian Gulf" has decided in November last year, the distribution of 0.094 shares for each original share of the Bank to increase capital to 255.575 million dollars.

The profit of the bank increased by 21.4% during the nine months of fiscal year 2015, achieving  a net profit totaled 219.76 million pounds, during the period ended September 30, 2015, compared with 181 million pounds during the same period in the previous year. The price of the bank's shares  about $ 1.46 per share, up by $ 0.03.