HD Bank Achieves Fastest Quarterly Growth in Profits from Housing Projects in 5 Years
First Bank
The profits of HD Bank from housing projects experienced significant growth over the past year, jumping by 101.2%, to reach EGP 638.6 mn during the first 9M-2023, compared to EGP 317.4 mn during the same period in 2022, with an increase of EGP 321.1 mn.
This strong growth pushed the Bank’s 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 Bank’s housing projects is a result of a notable rise in housing unit sales, rising by about 119.70%, reaching EGP 717.9 mn during the first 9M-2023, compared to EGP 326.8 mn during the same period in 2022, with an increase of EGP 391.1 mn.
Despite the high cost of sold units amounted to EGP 169.7 mn during the first 9M-2023, compared to EGP 83.1 mn during the same period in 2022, with a growth of 104.16% and an increase of EGP 169.7 mn.
Regarding other housing revenues, they rose by about 21.10%, registering EGP 89.4 mn in the first 9-2023, compared with EGP 73.8 mn in the same period of 2022, with an increase of EGP 15.6 mn.
HD Bank continues to achieve record business results, as evidenced by the rise in its asset size to EGP 118.37 bn by Q3-2023, compared to EGP 103.63 bn by the end of 2022, with a growth of 14.22%, an increase of EGP 14.74 bn.
Total customer loans of HD 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 12.30%, supported by corporate loans portfolio, reaching EGP 18.8 bn, with growth of EGP 1.85 bn and a growth rate of 11%.
The retail loan portfolio of the Bank also recorded EGP 11.831 bn, with an increase of EGP 1.7 bn and a growth rate of 17%, while mortgage loans 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 Q3-2023, with a growth of 6.73% and an increase of EGP 6.02 bn.
