HD Bank Achieve Fastest Quarterly Growth in Net Profits in 5 Years

6/22/2023 10:08:00 AM

HD Bank has achieved strong performance during the current year, reflecting its commitment to the highest operational efficiency standards and the development strategy it adopts with its main axes.

This has enabled it to achieve strong financial results, represented by exceptional growth in net profits, continuing its strong performance in the Egyptian banking market.

Separate financial results of the bank revealed significant growth in its net profits, jumping by 106.94% to reach EGP1.32 bn in the first quarter of 2023, compared to EGP640.29 mn in the same period of 2022, an increase of EGP684.69 mn.

In terms of the growth rates achieved in the past years, the bank achieved a growth of about 3.19% in its net profits in the first quarter of 2022, while it recorded weak growth in the same quarter of 2021 and 2020, increasing by 0.96% and 0.39% respectively. However, the same period of 2020 witnessed a slight decline of 0.12% due to COVID-19 at the end of that quarter.

The strong performance in terms of net profits during the current year is supported by the significant growth it achieved in net interest income, which increased by 110.34%, reaching EGP2.03 bn in the first quarter of 2023, compared to EGP968.58 mn in the same period of 2022, an increase of EGP1.07 bn.

Net fees and commissions income also increased from EGP109.37 mn in the first quarter of 2022 to EGP164.26 mn in the same period of 2023, with a growth rate of 50.19% and an increase of EGP54.89 mn.

Overall, the bank achieved good performance during the current year, as its asset portfolio increased to EGP116.28 bn by the end of the first quarter of 2023, compared to EGP103.63 bn by the end of 2022, with a growth rate of 12.20% and an increase of EGP12.65 bn.

Customer deposit portfolio also jumped by 7.72% to reach EGP96.39 bn by the end of March 2023, compared to EGP89.49 bn by the end of 2022.

Total loans to customers increased from EGP38.16 bn at the end of 2022 to EGP39.12 bn at the end of the first quarter of 2023, with a growth rate of 2.51% and an increase of EGP957.48 mn.

Total financial investments increased from EGP29.64 bn at the end of 2022 to EGP30.49 bn by the end of March 2023, with a growth rate of 2.85% and an increase of EGP843.55 mn.