HDB expands its support for Real Estate Sector, Its financing jumps to EGP 4.7 bn

Housing and Development Bank strengthened its support for real estate activity during the first 9M of last year, as revealed by its latest financial statements, where its financing for real estate activities rose by 19.4%, with an increase of EGP 760 mn during the first 9M of this year, reaching EGP 4.68 bn by the end of September 2023, compared to 3.93 bn by the end of last year.

First Bank website monitors the development of HD Bank financing for real estate activity through the Bank's different products by the end of Q3 of 2023.

HDB made a record leap in its direct financing for real estate activities, growing by 2353% from January to September last year, moving its portfolio from EGP 46.64 mn by the end of last year, reaching to EGP 1.14 bn by the end of September 2023, with an increase of about EGP 1.1 bn.

Nevertheless, direct loans portfolio for real estate activity accounted for the lowest share of the Bank's total financing for this activity, reaching 24.41% by the end of Q3 of 2023.

As for current debit accounts for real estate activity, they recorded EGP 1.92 bn by the end of September 2023, compared to EGP 2.45 bn by the end of 2022.

Debit Current accounts balances for industrial activity dominated the lion share of total bank financing for this activity, reaching 40.89% by the end of September 2023.

The bank also expanded its co-financing of real estate activities, jumping 13.7% in the first 9M of last year, to register EGP 1.6 bn by the end of September 2023, compared to EGP 1.4 bn by the end of 2022.

Syndicated loans for this activity accounted for 34.70% of the Bank's total financing for real estate activities by Q3 of 2023.

The Bank’s financing for real estate activities through its different products contributed by 24.91% of the Bank’s total corporate loans by Q3 of 2023.

It is worth mentioning that the bank's corporate loans portfolio rose by 10.88%, registering EGP 18.82 bn by the end of Q3 of this year, compared to EGP 16.97 bn by the end of 2022, with an increase of EGP 1.85 bn.

While the Bank’s loans for real estate activity contributed about 10.94% to the bank's total customer loans by the end of September.

It should be noted that the Bank’s total customer loans rose 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%.