Egypt’s Housing and Development Bank’s H1 consolidated profits grow 151.9% YoY

Egypt’s Housing and Development Bank’s H1 consolidated profits grow 151.9% YoY

Housing and Development Bank (HDB) reported a 151.9% year-on-year (YoY) increase in net consolidated profits during the first half (H1) of 2023, hitting EGP 3.285 billion, from EGP 1.304 billion, according to the financial statement sent to the Egyptian Bourse on August 10th.

Net interest income climbed 72.8% YoY during the January-June period of this year, hitting EGP 7.566 billion from EGP 4.379 billion in the first six months of 2022.

Loans rose 1.4% YoY to EGP 90.618 billion in H1 2023, compared to EGP 89.358 billion.

Customers’ deposits saw a 6.6% increase during the six-month period of this year to reach EGP 40.093 billion from EGP 37.598 billion during the same period a year earlier.

As per the bank’s standalone financial statement, net profits after tax soared 150.4% YoY to hit EGP 3.015 billion, up from EGP 1.204 billion.

Established in 1979, Housing and Development Bank is an Egyptian joint stock company, operating across the governorates of Egypt through more than 100 branches and 400 ATMs. The bank provides banking, housing, and real estate services.

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