Egypt: HDB achieves 22.2% growth in net profits to $92mln in 9M 2022

Egypt: HDB achieves 22.2% growth in net profits to $92mln in 9M 2022

Egypt - The Housing and Development Bank (HDB) approved the bank’s independent financial statements for the period ending on 30 September 2022, as business results showed a growth in net profits to EGP 549m in the third quarter of 2022, with a growth rate of 26.6% compared to the same period of last year.

Net profits amounted to EGP 1.753bn in the nine months ending on September 30, 2022, an increase of 22.2%, due to the growth of operating revenues by 32.8% to record EGP 4.379bn.

For his part, Hassan Ghanem, Chairperson and Managing Director of the bank, expressed his happiness with the strong positive results achieved by the bank in the first nine months of this year, as the bank’s net profits amounted to EGP 1.753bn, a growth rate of 22.2%.

He added that these results confirm the bank’s success in implementing the development strategy that it adopts with its main axes and continuing to achieve growth in various sectors, despite the inflationary pressures the Egyptian economy has been subjected to, as well as the disruption of global supply and supply chains, and the liberalization of the Egyptian pound exchange rate.

Ghanem explained that the exceptional performance achieved by the bank is a