HDB extends Hassan Ghanem’s tenure as Chairperson, Managing Director for 3 years

HDB extends Hassan Ghanem’s tenure as Chairperson, Managing Director for 3 years

Comments Off on HDB extends Hassan Ghanem's tenure as Chairperson, Managing Director for 3 years. The general assembly of the Housing and Development Bank (HDB) agreed to renew Hassan Ghanem's tenure as Chairperson and Managing Director for three years, until 30 March 2023.. Since his appointment, Ghanem has worked to improve the bank's image from a one specialised in real estate activities to a commercial bank providing all banking services.. Ghanem said the bank's 2019 financial statements showed profit before tax of EGP 2.548bn, up by 16% from 2018.. The Bank's standalone net profits reached EGP 1.951bn at the end of the last year, rising 20% from 2018, while the consolidated net after-tax profits grew by 13% year-over-year to EGP 2.224bn.. The bank's loan and credit facilities portfolio increased to EGP 19.7bn, a 26% (EGP 4bn) growth, while customer deposits increased to EGP 41.3bn, marking a 21% increase of EGP 7.2bn.. The cost of deposits and similar costs amounted to EGP 3.7bn, an increase of 23.7% compared to 2018, due to an increase in the deposit portfolio by 21% over 2018..