HD Bank Enhances Support for Real Estate Activities, Its Portfolio Jumps to EGP 4.28 Bn by March-2023end

HD Bank has strengthened its support for real estate activity during the current year through several different products offered to its corporate clients, which is evident from the significant increases witnessed in its portfolio.

The financing provided by the bank for real estate activities increased from EGP 3.93 bn at the end of 2022 to EGP 4.28 bn at the end of the first quarter of 2023, achieving a growth rate of 9% and an increase of EGP 353.41 mn.

In light of this noticeable growth, First Bank monitors the bank's financing for real estate activity through the bank's various products during the first quarter of 2023.

Direct financing for real estate activities witnessed significant growth during the first quarter of the current year, jumping by about 555.46% to reach EGP 305.7 mn by the end of March 2023, compared to EGP 46.6 mn at the end of 2022, with an increase of EGP 259.06 mn.

Despite this significant increase, it constituted 4.91% of the total direct financing of the bank by the end of March 2023.

Direct loans increased from EGP 6.12 bn at the end of 2022 to EGP 6.23 bn by the end of March 2023, with a growth rate of 1.74% and an increase of EGP 106.42 mn.

As for current debit accounts for real estate activity, they increased to EGP 2.75 bn by the end of March 2023, compared to EGP 2.45 bn at the end of 2022, achieving a growth rate of 12.21% and an increase of EGP 299.2 mn.

Debit accounts for real estate activity accounted for 32.09% of total debit accounts in the bank by the end of March 2023.

Total debit accounts increased by 1.33%, reaching EGP 8.57 bn by the end of the first quarter of the current year, compared to EGP 8.46 bn at the end of 2022, with an increase of EGP 112.19 mn.

Regarding syndicated financing for real estate activities, there was a slight decline, reaching EGP 1.23 bn by the end of March 2023, compared to EGP 1.43 bn at the end of 2022.

Syndicated loans for real estate activity accounted for 56.91% of total syndicated financing of the bank by the end of March 2023.

The bank's financing for real estate activities through its various products contributed 24.87% to total corporate loan portfolio by the end of March 2023.

The bank's loans to corporates increased by 1.43%, reaching EGP 17.21 bn by the end of the first quarter of the current year, compared to EGP 16.97 bn at the end of 2022, with an increase of EGP 242.99 mn.

Meanwhile, loans for real estate activity through the bank's various products acquired 10.94% of total loan portfolio, which increased to EGP 39.12 bn by the end of the first quarter of 2023, compared to EGP 38.16 bn at the end of 2022, achieving a growth rate of 2.51%, and an increase of EGP 957.48 mn.