HD Bank grows by 46.4% on FirstBank composite growth index At 9M-2023
First Bank
The separate financial statements of Housing and Development Bank, ending on September 30th of current year, revealed that the bank achieved a consolidated growth rate of 46.4% during the first 9 months of 2023.
This growth was measured through a composite index set by First Bank to assess the financial performance of banks across all branches of activity, including net profits, loan portfolio, and asset and deposit portfolios, from January to September 2023.
Housing and Development Bank managed to achieve positive results across all its sub-indicators constituting First Bank composite growth index.
Notably, net profits increased by a growth rate of 152.2%, reaching EGP4.419 bn during the first 9 months of 2023, compared to EGP1.753 bn during the same period in 2022, with an increase of EGP2.667 bn.
The bank’s asset size contributed to this growth, rising by a growth rate of 14.23% during the first 9 months of the current year, reaching EGP118.4 bn by the end of September 2023, compared to EGP103.6 bn by the end of December 2022, an increase of EGP14.7 bn.
The total portfolio of customer loans and facilities at the bank grew by 12.30% during the first 9 months of the current year, moving from EGP38.2 bn at the end of December 2022 to EGP42.9 bn by the end of September 2023, with an increase of EGP4.7 bn.
The customer deposit portfolio at the bank increased by a growth rate of 6.73%, with an increase of EGP6 bn during the first 9 months of the current year, reaching EGP95.5 bn by the end of September 2023, compared to EGP 89.5 bn by the end of December 2022.
