HD Bank Achieves Fastest Quarterly Growth in Profits from Housing Projects in 5 Years

The profits of HD Bank from housing projects experienced significant growth during the current year, jumping by approximately 168.47% to reach EGP 487.3 mn in the first half of 2023, compared to EGP181.5 mn during the same period in 2022, with an increase of EGP305.79 mn.

This strong growth pushed the profits from housing projects to achieve the fastest quarterly growth in 5 years, continuing the bank's strong performance under the leadership of Hassan Ghanem, the Chairman of the Board and CEO of the bank.

This robust increase in profits from the Reconstruction and Housing projects is a result of a notable rise in housing unit sales, increasing by about 252.21%, reaching EGP550.91 mn in the first half of 2023, compared to EGP156.41 mn during the same period in 2022, with an increase of EGP394.5 mn.

 Meanwhile, the cost of the sold units amounted to EGP129.98 mn during the first 6 months of 2023, compared to EGP39.72 mn during the same period in 2022.

Regarding other housing revenues, they slightly increased to EGP66.37 mn in the first half of 2023, compared to EGP64.81 mn during the same period in 2022, with a growth rate of 2.40% and an increase of EGP1.56 mn.

HD Bank has shown significant overall growth indicators since the beginning of this year, ranking at the top of  First Bank list of listed banks with the fastest growth in net profits during the first half of this year.

 Its net profits increased by about 150.41%, reaching EGP3.02 bn in the first half of 2023, compared to EGP1.20 bn during the same period in 2022, with an increase of EGP1.81 bn.

It secured the first position on First Bank list of listed banks with the fastest growth in net interest income during the first half of this year, following a 116.09% increase, reaching EGP4.53 bn in the first half of 2023, compared to EGP2.1 bn during the same period in 2022, with an increase of EGP2.43 bn.

Additionally, it topped First Bank list of the most efficient listed banks in achieving return on equity, with an average rate of 26.73% during the first half of 2023.

HD bank also ranked first on First Bank list of listed banks with the fastest growth in total individual deposits during the first half of this year, with a rate of 39.71%, as its portfolio increased to EGP38.04 bn by the end of June 2023, compared to EGP27.22bn by the end of 2022, with an increase of EGP10.81 bn.

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