HDB’s record profits for 2023: A success story

HDB’s record profits for 2023: A success story

The Housing and Development Bank (HDB), under the leadership of Hassan Ghanem, CEO and Managing Director, achieved a remarkable improvement in its financial indicators and doubled its performance and business results. This is one of the many exceptional successes that the bank has accomplished.

The bank’s net profits before allocations and income taxes grew by 133% during the fiscal year ending on 31 December 2023, reaching EGP 9.444bn, compared to EGP 4.051bn in the previous year, an increase of EGP 5.393bn.

The bank’s net profits after taxes also increased by 167.2%, amounting to EGP 6.031bn in the same period, compared to EGP 2.257bn in the previous year, an increase of EGP 3.774bn.

Strong Financial Position

Hassan Ghanem said that the bank’s business results for the fiscal year ending on 31 December 31 2023 demonstrated its strong financial position and its ability to achieve high growth rates, confirming its status as one of the largest and most comprehensive commercial banks in the Egyptian banking sector. He added that despite the current challenges, the bank was able to achieve exceptional growth in both revenues and net profits, reflecting its ability to adapt and cope with various changing situations with professionalism, dynamism, and flexibility.

Ghanem also said that