HD Bank's Growth accelerates to 48.24% during Q2-2023
HD Bank achieved an acceleration in growth during the second quarter of 2023 compared to the first quarter of the same year. The bank recorded a compounded growth rate of 48.24% during the second quarter of 2023, compared to a compounded growth rate of 32.34% during the first quarter of the current year.
According to Composite Growth Index developed by First Bank to measure the financial performance of banks using 4 key indicators: Net profits, Assets, Total customer loans, and Deposits.
The bank managed to achieve positive results in 2 out of the 4 sub-indicators that make up First Bank composite Index during the second quarter of the current year. The most notable was net profits, where the bank recorded a growth rate of 199.78% during just the second quarter of 2023.
Total portfolio of customer loans and facilities at the bank contributed to this growth after experiencing a growth rate of 3.71% during the second quarter of the current year. However, total asset and deposit portfolios decreased by rates of 4.83% and 5.71% respectively during the period from April to June 2023.
As for the first quarter of the current year, net profits also had the most significant impact on First Bank composite growth Index, as the bank achieved a growth rate of 106.94% during the first 3 months of 2023.
Total asset portfolio of the bank ranked second in contributing to this growth with a rate of 12.20% during the first quarter of 2023. Meanwhile, the size of the bank's deposit and loan portfolios increased by growth rates of 7.72% and 2.51% respectively during the same period.
It's worth noting that all values used in calculating growth rates are based on financial statements announced at the end of the periods, as analyzed on the bank's official website.
