Hassan Ghanem leads HD Bank to record the fastest quarterly growth in net profits in 5 years
Mai El-Kafoury
Housing and Development Bank has recorded strong growth and exceptional performance in all of its indicators, which we have come to see clearly when accessing any financial statements of its own, in a journey that does not hinge on rapid advancement based on effective plans and strategies that have proven their efficiency in a short time, led by Hassan Ghanem, CEO and Managing Director of the Bank.
The net profits of HD Bank rose to EGP 4.42 bn during the first 9M of this year, compared to EGP 1.75 bn during the same period in 2022, with a growth of 152.16% and an increase of EGP 2.67 bn.
In terms of growth rates in the past years, the Bank achieved growth of about 9% during the first 9 months of 2019, but following its impact on the coronavirus pandemic, its net profits fell by about 6% during the same period in 2020.
HD Bank was able to rise again in net profits, with growth of about 0.7% in the first 9M of 2021, while achieving growth of about 22% in the same period in 2022.
In addition, the Bank continues to achieve record business results, as evidenced by the rise in its assets to EGP 118.37 bn by Q3 of 2023, compared to EGP 103.63 bn by the end of 2022, with a growth of 14.22%, and an increase of EGP 14.74 bn.
Total customer loans of the Bank grew by EGP 4.7 bn during the first 9M of this year, reaching EGP 42.86 bn by the end of September 2023, compared to EGP 38.16 bn by the end of 2022, with a growth rate of EGP 18.815 bn and 11%.
The retail loan portfolio also recorded EGP 11.831 bn, with an increase of EGP 1.7 bn and a growth rate of 17%, while the mortgage loan portfolio recorded EGP 12.212 bn, with a growth rate of 10%.
The customer deposit portfolio jumped from EGP 89.49 bn by the end of last year, to EGP 95.51 bn by the end of Q3 of 2023, with a growth of 6.73% and an increase of EGP 6.02 bn.
