First indicator: Corporates regain lead in Housing & Development Bank deposits after record increase

Housing & Development Bank’s financial statements for the period ended 30 September 2026 revealed a notable shift in its deposit funding structure, as corporates regained the lead alongside a sharp increase in their balances.

During the third quarter, the bank recorded the largest quarterly increase in corporate deposits in its history. Moreover, the increase during the first nine months of 2026 exceeded their cumulative growth over the previous four years.

Corporate deposits rose by EGP36.03bn during the first nine months of 2026, reaching EGP110.91bn at end-September, compared to EGP74.88bn at end-2025.

This increase exceeded the total growth recorded between end-2021 and end-2025, which amounted to EGP34.42bn, by approximately EGP1.61bn. Thus, the bank achieved greater growth in corporate deposits in just nine months than over four full years.

Over the past five years, corporate deposits increased by EGP70.44bn, rising from EGP40.46bn at end-2021 to EGP110.91bn at end-September 2026, representing growth of approximately 174 per cent.

Tracking the portfolio over the period under analysis, corporate deposits increased by EGP21.80bn in 2022, before declining by EGP12.12bn in 2023. They then resumed growth in 2024 and 2025, while the first nine months of 2026 recorded the largest increase.

Deposit portfolio reshaped twice in five years

The shift also extended to the distribution of deposits between retail and corporates. Corporates led in 2021 and 2022, accounting for 64.33 per cent and 69.58 per cent, respectively.

Retail deposits took the lead in 2023, when their share increased to 50.49 per cent. They maintained this position over the following two years, reaching their highest share of 58.20 per cent at end-2025, compared to 41.80 per cent for corporates.

However, the picture changed in September 2026, as corporates’ share rose to 50.61 per cent of total customer deposits, once again surpassing retail deposits, whose share reached 49.39 per cent.

This return to the lead coincided with a EGP36.03bn increase in corporate deposits during the first nine months, while retail deposits grew by only EGP3.98bn, from EGP104.25bn at end-2025 to EGP108.23bn at end-September 2026.

The comparison highlights a clear difference in the sources of deposit growth across the two periods. Between end-2021 and end-2025, retail deposits increased by EGP79.82bn, compared to EGP34.42bn for corporates.

This supported the shift in the lead towards retail deposits and expanded their share. However, during the first nine months of 2026, corporate deposit growth exceeded retail deposit growth by more than nine times.

Customer deposits played a key role in supporting the bank’s asset growth between end-2021 and September 2026. Assets increased by EGP203.53bn, alongside a EGP156.24bn rise in customer deposits.

Accordingly, the increase in customer deposits accounted for approximately 76.77 per cent of total asset growth, highlighting their importance in financing the expansion of the bank’s balance sheet over the period.

This relationship became more evident during the first nine months of 2026, when assets increased by EGP50.01bn compared to end-2025, while customer deposits rose by EGP40.01bn.

This represented approximately 80 per cent of the increase in assets. The development coincided with corporates regaining the lead in deposits, making their growth one of the most notable changes in the bank’s financial position this year.