The Financial Supervisory Authority has agreed to publish the disclosure report of the Egyptian Gulf Bank regarding the capital increase.
The Financial Control said that the disclosure report includes the decision of the bank’s board of directors to approve the procedures for inviting both the ordinary and extraordinary general assembly to obtain their approval to increase the issued and paid-up capital from $ 422.74 million to $ 453.05 million.
She added that the size of the increase amounted to 30.31 million dollars, equivalent to 476.87 million pounds, at an exchange rate of 15.73 pounds per dollar at the end of last December, by issuing 30.31 million shares, with a free increase of approximately 0.0717 shares for each original share funded from the profits shown in the financial statements at the end of last December.
The profits of the Egyptian Gulf Bank decreased by 7.4% during the past year to reach 625.2 million pounds, compared to a net profit of 675.3 million pounds during the previous year 2019, taking into account the rights of the minority shareholders.
Interest income decreased during the past year to reach about 7.36 billion pounds by the end of December 2020, compared to 7.5 billion pounds during 2019.
Earlier, the Board of Directors of the Egyptian Gulf Bank approved the estimated budget for 2021, with the targeted net profit growth, an increase of 15% over the expected net profit for 2020.
The Chairman of the Board of Directors was authorized to open the door for candidacy for membership of the Board of Directors for the period from 2021 to 2024, on the occasion of the close of the current session of the Board of Directors.
The article, Financial Supervision, approved the increase of Al-Masry Al-Khalij’s capital to $ 453 million, which was written in the Al-Borsa newspaper.