HD Bank Tops Fastest-growing banks in Egypt in terms of net interest income during H1-2023

HD Bank has topped First Bank list of banks with the fastest growth in net interest income during the first half of the current year, with a growth rate of 116.09%, recording EGP 4.53 bn during the first half of 2023, compared to EGP 2.1 bn during the same period in 2022, an increase of EGP 2.43 bn.

The significant increase in net interest income is primarily attributed to the rise in loan returns and similar revenues by approximately 72.81%, reaching EGP 7.58 bn during the first half of 2023, compared to EGP 4.39 bn during the same period in 2022, with an increase of EGP 3.19 bn.

The increase in loan returns and similar revenues mainly comes from the increase in the bank's returns from loans and facilities to customers by about 78.45%, reaching EGP 2.85 bn during the first half of the current year, compared to EGP 1.6 bn during the same period in 2022, with an increase of EGP 1.25 bn.

Financial investment returns (excluding fair value gains and losses) also rose by EGP 556.33 mn, totaling EGP 2.52 bn during the first half of 2023, compared to EGP 1.96 bn during the corresponding period in 2022, with a growth rate of 28.37%.

Deposit and current account returns increased by approximately 166.97%, reaching EGP 2.22 bn during the first 6 months of 2023, compared to EGP 829.95 mn during the same period in 2022, with an increase of EGP 1.39 bn.

As for deposit and similar costs, they increased to EGP 3.05 bn during the first half of 2023, compared to EGP 2.29 bn during the same period in 2022, with a growth rate of 33.19% and an increase of EGP 759.92 mn.

The increase in deposit and current account costs primarily stems from the increase in customer deposits and current accounts, rising from EGP 2.21 bn during the first half of 2022 to EGP 2.96 bn during the same period of the current year, with a growth rate of 33.87% and an increase of EGP 748.39 mn.

The increase in customer deposits and current accounts also played a role in the rise in deposit and similar costs, increasing by about 118.63% to reach EGP 13.61 mn during the first 6 months of the current year, compared to EGP 6.23 mn during the same period in 2022, with an increase of EGP 7.39 mn.

As for the cost of deposits and similar costs related to loans from other financial institutions, they increased from EGP 73.92 mn during the first half of 2022 to EGP 78.06 mn during the same period in 2023, with a growth rate of 5.60% and an increase of EGP 4.14 mn. Thus, net interest income at HD Bank amounted to EGP 4.53 bn during the first 6 months of the current year.

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