Strong Leap in HD Bank Projects' profits, Achieving Fastest Quarterly Growth in 5 Years

6/13/2023 10:19:00 AM

HD Bank has managed to achieve a strong leap in profits from housing projects, with a jump of 324.69%, reaching EGP 230.81 mn during the first quarter of 2023, compared to EGP 54.35 mn during the same period in 2022, an increase of EGP 176.46 mn, thereby achieving the fastest quarterly growth in 5 years.

As for the growth rates achieved during the first quarter of previous years, the bank witnessed a decline of 52.37% in its profits from housing projects in 2022, while it achieved growth of 26.77% in 2021. It also recorded growth of 18.88% in 2020, but experienced a decline of 25.67% in 2019.

The strong increase in profits of housing projects is attributed to a significant rise in residential unit sales, which increased by 386.91%, reaching EGP 288.17 mn during the first quarter of 2023, compared to EGP 59.18 mn during the same period in 2022, an increase of EGP 228.99 mn.

Meanwhile, the cost of sold units amounted to EGP 67.71 mn during the first 3 months of 2023, compared to EGP 15.09 mn during the same period in 2022.

As for other housing revenues, they slightly increased to EGP 10.35 mn during the first quarter of 2023, compared to EGP 10.25 mn during the same period in 2022, with a growth rate of 0.96% and an increase of EGP 98.72 mn.

Overall, HD Bank achieved strong profits during the current year, as its pre-taxes profits jumped to EGP 1.81 bn during the first quarter of 2023, compared to EGP 837.13 mn during the same period in 2022, with a growth rate of 116.01% and an increase of EGP 971.14 mn.

Net interest income increased by 110.34%, reaching EGP 2.03 bn during the first quarter of 2023, compared to EGP 968.58 mn during the same period in 2022, with an increase of EGP 1.07 bn.

Net fees and commissions income also rose from EGP 109.37 mn during the first quarter of 2022 to EGP 164.26 mn during the same period in 2023, with a growth rate of 50.19% and an increase of EGP 54.89 mn.

As for net profits, they reached EGP 1.32 bn 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.