Egypt’s Housing Development Bank keeps supporting corporates’ development

The Housing and Development Bank led by Hassan Ghanem, Chairman of the Bank's Board of Directors, gives great attention to corporates financing, which is reflected in its efforts to enhance and develop the corporates loans portfolio with its various sectors, including financing large companies, syndicated loans and SMEs

The bank's corporate loans portfolio increased by 33.64%, to exceed 14 billion pounds by the end of September 2022, compared to 10.49 billion pounds by the end of 2021, an increase of 3.53 billion pounds.

This pushed the bank to be ranked third on First Bank list of the fastest growing banks in terms of corporate loans during the first 9 months of 2022.

Thus, the portfolio increase was mainly built on the leap it witnessed in syndicated loans by 44.83%, to reach 1.87 billion pounds at the end of September 2022, compared to 1.29 billion at the end of December 2021, an increase of 578.21 million pounds

. Thus, the bank occupied the first place as well on First Bank list of the fastest growing banks in syndicated loans during the first 9 months of 2022.

Among the most prominent syndicated loan that the bank has been part of to was its presence in a consortium that included Banque Misr, E-Bank and Emirates NBD for long-term syndicated financing in favour of Ora Company, a pioneer in the field of developing high-quality integrated urban projects.

The bank's share in this financing reached 510 million pounds, which will be disbursed in two tranches to finance the construction costs of the first and second phases of the Sheikh-Zayed investment project, which is a quantum leap in the field of developing luxury communities.

This increase was also due to the increase in direct financing from the bank to corporates by 24.20%, to record 5.28 billion pounds at the end of Q3-2022, compared to 4.25 billion pounds at the end of 2021, an increase of 1.03 billion pounds.

As for current debit accounts, they increased from 4.95 billion pounds at the end of September 2022, compared to 6.87 billion pounds at the end of 2021, an increase of 1.92 billion pounds.