Top profitable geographical sectors in HD Bank during Q1-2023

Housing and Development Bank achieved strong profits during the current year, with its pre-taxes profits from its 99 branches reaching EGP 1.81 bn during the first quarter of 2023, compared to EGP 837.13 mn during the same period in 2022, representing a growth rate of 116.01% and an increase of EGP 971.14 mn.

The branches of HD Bank located in the Greater Cairo regions were the most profitable and fastest growing during the first 3 months of the previous year. The bank's profits from these branches before income taxes amounted to EGP 1.54 bn during the first quarter of 2023, compared to EGP 644.58 mn during the same period in 2022, with a growth rate of 138.58% and an increase of EGP 893.23 mn.

Profits from HD Bank's branches in the Greater Cairo sectors accounted for 85.04% of the bank's profits during the first quarter of 2023.

The bank managed to increase its profits from branches located in the Alexandria, Delta, and Sinai sectors by 43.06%, reaching EGP 156.07 mn during the first quarter of 2023, compared to EGP 109.09 mn during the same period in 2022, with an increase of EGP 46.98 mn.

Profits from the HD Bank's branches in  Alexandria, Sinai, and Delta regions accounted for 8.63% of the bank's profits during the first quarter of 2023.

As for its profits from branches located in Upper Egypt, they increased from EGP 83.46 mn during the first quarter of 2022 to EGP 114.38 mn during the same period in 2023, with a growth rate of 37.06% and an increase of EGP 30.92 mn.

Profits from HD Bank's branches in Upper Egypt sector accounted for 6.33% of the bank's profits during the first quarter of 2023.

During the first quarter of the current year, HD Bank paid taxes amounting to EGP 483.28 mn, resulting in a net profit of EGP 1.32 bn for the bank during the first 3 months of 2023, compared to EGP 640.29 mn during the same period in 2022, with a growth rate of 106.94% and an increase of EGP 684.69 mn.

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