HD Bank Focuses More on Retail Banking in Q1-2023
First bank
HD Bank, one of the listed banks, continued to show growing interest in the retail banking sector, as evidenced by the bank's figures. Its financing for individuals accounted for 56% of its total customer loans, making it the top bank focused on consumer loans at the end of March 2023, surpassing First Bank.
HD Bank maintained its position, ranking first on First Bank list of listed banks with the highest focus on consumer loans at the end of 2022.
The bank's financing for individuals increased by 3.37%, reaching EGP 21.91 bn at the end of Q1 2023, compared to EGP 21.19 bn at the end of 2022, representing an increase of EGP 714.49 mn.
Total financing of grew from EGP 38.16 bn at the end of 2022 to EGP 39.12 bn at the end of Q1 2023, with a growth rate of 2.51% and an increase of EGP 957.48 mn.
Despite the bank's significant focus on the retail banking sector, it does not overlook the importance of financing corporates. Its financing for corporates reached EGP 17.21 bn at the end of March 2023, compared to EGP 16.97 bn at the end of 2022, with a growth rate of 1.43% and an increase of EGP 242.99 mn.
Overall, HD Bank achieved a strong performance in the current year, as its net profits jumped to 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.
Net interest income also increased by 110.34%, reaching EGP 2.03 bn in Q1 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 increased from EGP 109.37 mn in Q1 2022 to EGP 164.26 mn in the same period of 2023, with a growth rate of 50.19% and an increase of EGP 54.89 mn.
Customer deposit portfolio increased by 7.72%, reaching EGP 96.39 bn at the end of March 2023, compared to EGP 89.49 bn at the end of 2022.
The bank also strengthened its asset portfolio, which grew to EGP 116.28 bn at the end of Q1 2023, compared to EGP 103.63 bn at the end of 2022, with a growth rate of 12.20% and an increase of EGP 12.65 bn.
