HD Bank Achieve Largest Quarterly growth Rate in Net Profits in 5 Years
First Bank
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 Despite the challenges faced by the banking sector during the beginning of current year.
HD bank revealed a significant growth in its net profits, jumping by 150.41% to reach EGP 3.015 bn in the first Half of 2023, compared to EGP 1.204 bn in the same period of 2022, an increase of EGP 1.811 bn, topping fastest-growing listed banks in terms of net profits in H1-2023.
In terms of the growth rates achieved in the past years, the bank achieved a growth of 20.29% in its net profits in the first Half of 2022, while it recorded weak growth in the same quarter of 2021 by 0.07%. However, the same period of 2020 witnessed a slight decline of 6.71% due to COVID-19 at the end of that quarter, while the same period of 2019 witnessed an increase in net profit by 7.84%.
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 116.09%, reaching EGP 4.53 bn in the first Half of 2023, compared to EGP 2.1 bn in the same period of 2022, an increase of EGP2.43bn.
Net fees and commissions income also increased from EGP 329.74 mn in the first Half of 2023 compared to EGP234.80mn in the same period of 2023, with a growth rate of 40.43% and an increase of EGP 94.94 mn.
Overall, the bank achieved a good performance during the current year, its asset portfolio increased to EGP 110.67 bn by the end of the first Half of 2023, compared to EGP103.63 bn by the end of 2022, with a growth rate of 6.79% and an increase of EGP7.03bn.
Total customer loans increased from EGP38.16 bn at the end of 2022 to EGP 40.57 bn at the end of the June 2023, with a growth rate of 6.3% and an increase of EGP 2.41 bn.
