HDB Achieves the Fastest Quarterly Growth in Retail Deposits in 5 years

The HDB's retail deposits portfolio witnessed strong growth during the first 9M of last year, jumping by 65.7%, to EGP 45.1 bn by the end of September 2023, compared to EGP 27.2 bn by the end of 2022, with an increase of EGP 17.9 bn, recording the fastest quarterly growth in 5 years.

This comes as a result of encouraging existing and new customers to invest their savings and constantly striving to introduce savings deposits with competitive returns appropriate for customers' needs.

In terms of growth rates in the past years, during the first 9M of 2019, the Bank achieved a growth of about 1% in its retail deposits portfolio, while a decline of about -2.3% during the same period of 2020.

As for its performance during the first 9M of 2021, Housing and Development Bank achieved a growth in its retail deposits portfolio of 15.8%, while achieving a rise of about 23.1% during the same period in 2022.

HDB continues to achieve record business results as its assets portfolio rising by 14.2%, reaching EGP 118.4 bn by the end of Q3 of 2023, compared to EGP 103.6 bn by the end of 2022, with an increase of EGP 14.7 bn.

Total customers loans of the Bank grew by EGP 4.7 bn during the first 9M of this year, reaching EGP 42.9 bn by the end of September 2023, compared to EGP 38.2 bn by the end of 2022, with a growth rate of 12.30%.

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 6.7% and an increase of EGP 6 bn.

The Bank's net profits jumped by 152%, to EGP 4.4 bn during the first 9M of last year, compared to EGP 1.8 bn during the same period in 2022, with an increase of EGP 2.7 bn, recording the fastest quarterly growth in net profits in 5 years.

The share in the net profits of the period increased by 153.4%, to record EGP 7.5 per share during the first 9M of 2023, compared to EGP 2.9 per share during the same period of 2022, with an increase of EGP 4.5 per share.