HD Bank achieves the fastest annual growth in its net profits in 5 years during 2023

Housing and Development Bank managed to achieve record growth in net profits over the past year, jumping by 167.2%, surpassing EGP 6 bn for the first time in the bank's history in 2023, compared to EGP 2.3 bn in 2022, with an increase of EGP 3.8 bn, supported by the efforts of Hassan Ghanem, the bank's Managing Director, and his team.

Turning to the growth rates in its net profits over the past five years, we find that it has achieved growth of about 20% in 2019, but in the following year 2020 its profits fell by about 7.7% due to the negative repercussions of the coronavirus pandemic.

HD Bank did not recover rapidly from the fallout of the coronavirus pandemic, which was evident in a slight marginal rise in net profits in 2021, with a growth rate of 1.6%, but this did not last long, as the rise resumed stronger in 2022, registering a growth rate of 23.3% on an annual basis.

The record profits achieved by the Bank in 2023 increased the value of the main share in the Bank's profits in 2023 to EGP 10.17 per share, compared to EGP 3.73 per share in 2022, with a growth of 172.7% and an increase of EGP 6.44 per share.

The Bank was able to record a performance over the past year, with the asset portfolio rising to EGP 125 bn by 21% growth in 2023, due to the growth of the bank's loan portfolio through the retail and corporate sectors.

Total loans jumped to EGP 45.5 bn by 19.2% in 2023, driven by the growth of corporate loans portfolio to record EGP 20.569 bn, with a growth of 21%, with retail loans portfolio recording EGP 24.916 bn, with the growth of 17% on an annual basis.

Its customer deposits portfolio rose to EGP 101.27 bn by the end of 2023, compared to EGP 89.49 bn by the end of 2022, with a growth of 13.2% on an annual basis.

Total shareholders' equity jumped by 48.5% over the past year, reaching EGP 15.4 bn by the end of December 2023, compared to EGP 10.3 bn by the end of 2022.

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