HD Bank Continues to Lead Egyptian Banks in Retail Deposits Growth

HD Bank has managed to maintain the trust of more individual customers with the highest growth rate in the Egyptian banking market in recent times, as revealed by First Bank list of fastest-growing banks in terms of retail deposits during the first quarter of 2023.

The bank topped the list with a growth rate of 14.45%, as its total individual deposits portfolio reached EGP31.159 bn by the end of last March, compared to EGP27.225 bn at the end of 2022.

The bank maintained its position, also ranking first on First Bank list of banks with the fastest-growing retail deposits at the end of 2022.

The significant increase achieved by the bank in its individual deposits portfolio during the first quarter of the current year played a crucial role in the overall growth of its total deposit portfolio, which rose by 7.72% to reach EGP96.39 bn by the end of March 2023, compared to EGP89.49 bn at the end of 2022.

Overall, HD Bank have shown strong performance this year, with its net profits jumping by 106.94% to reach EGP1.32 bn during the first quarter of 2023, compared to EGP640.29 mn in the same period of 2022, representing an increase of EGP684.69 mn, marking the fastest quarterly growth in 5 years.

Net interest income also increased by 110.34%, recording EGP2.03 bn during the first quarter of 2023, compared to EGP968.58 mn in the same period of 2022, with an increase of EGP1.07 bn.

Net fees and commissions income rose 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.

The bank's asset portfolio rose to EGP116.28 bn by the end of the first quarter of 2023, compared EGP103.63 bn at the end of 2022, with a growth rate of 12.20% and an increase of EGP12.65 bn.

Total customer loans 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.