EBank seeks 18% higher profits in 2023
Export Development Bank of Egypt (EBank) (EXPA) is expecting to achieve an 18% year-on-year (YoY) increase in net profit after tax in 2023, according to a budget plan filed to the Egyptian Exchange (EGX) on Wednesday.
The company targets EGP 1.449 billion net profit after tax in 2023, up from EGP 1.228 billion estimated for 2020.
The bank estimates to achieve a net income of EGP 4.032 billion in 2023, up from EGP 3.024 billion estimated for the current year.
The bank announced plans to open 3 new branches in Egypt in 2023, bringing the number of branches to 47 by the end of next year.
EBank seeks to increase customer deposits to EGP 82.7 billion by the end of 2023 from EGP 74.1 billion estimated to be achieved by 2022-end.
EBank is an EGX-listed bank that offers banking and financial services, which encourage the export activities of the agricultural, industrial, commercial, and services sectors.