Egypt: HDB records 150.4% jump in net profits

Egypt: HDB records 150.4% jump in net profits

The Housing and Development Bank (HDB) achieved strong and exceptional growth rates in the first half (1H) of 2023.

The independent business results showed a 150.4% growth in net profits to EGP 3.015bn in 1H 2023, compared to EGP 1.204bn during 1H 2022.

Hassan Ghanem, CEO and Managing Director of HDB, expressed his pride in the strong performance achieved by the bank. He highlighted the strong financial results represented in the exceptional growth of both revenues and net profits.

These results are the fruits of the bank’s hard work to treat its clients as a top priority, and its commitment to the growth strategy it adopts as part of its endeavor to expand its customer base.

All of that led to an increase in income by 103% to EGP 5.6bn during 1H 2023.

Ghanem added that this success is the result of the bank’s continued implementation of its ambitious strategy. This resulted in the bank’s continuous journey of strengthening assets, as the total assets reached EGP 110.7bn during 1H 2023, with a growth rate of 7%, due to the growth of the bank’s loan portfolio through the retail and corporate sectors.

The net income margin from the return of the bank increased to 10.5%, compared to