HD Bank’s profits from housing projects achieve the fastest annual growth in 5 years
First Bank
HD Bank profits from housing projects grew significantly over the past year, jumping by 38.32%, to EGP 727.8 mn in 2023, compared to EGP 526.2 mn in 2022, with an increase of EGP 201.6 mn.
This strong growth has driven the profits of HD Bank from housing projects, to record the fastest growth in 5 years, continuing its strong performance under the leadership of Hassan Ghanem, Chief Executive Officer and Managing Director.
The strong rise in the profits of HD Bank’s housing projects is due to a significant rise in sales of housing units, rising by about 35% over the past year, to EGP 804.6 mn in 2023, compared to EGP 596.2 mn in 2022, with an increase of EGP 208.4 mn.
Although the cost of units sold increased to EGP 188.4 mn during 2023, compared to EGP 152.5 mn during 2022, with a growth rate of 23.5% and an increase of EGP 35.9 mn.
In terms of other housing revenues, it rose by 35.3% over the past year, reaching EGP 111.6 mn in 2023, compared to EGP 82.5 mn in 2022, with an increase of EGP 29.1 mn.
Overall, HD Bank recorded strong growth in its main indicators, with net profits jumping by 167.3% over the past year, to EGP 6 bn in 2023, compared to EGP 2.3 bn in 2022, with an increase of EGP 3.8 bn.
Net interest income rose to EGP 10.5 bn in 2023, compared to EGP 5 bn in 2022, with growth of 113% and an increase of EGP 5.5 bn.
Net fees and commissions income rose by 25.27% over the past year, to EGP 704.4 mn in 2023, compared to EGP 562.3 mn in 2022.
In terms of the bank's financial position, its assets portfolio rose by 20.72% over the past year, registering EGP 125.1 bn by the end of December 2023, compared to EGP 103.6 bn by the end of 2022.
Total customer loans grew by EGP 7.3 bn, to EGP 45.5 bn by the end of last year, compared to EGP 38.2 bn by the end of 2022.
The customer deposits portfolio jumped from EGP 89.5 bn by the end of 2022, to EGP 101.3 bn by the end of 2023, with a growth of 13 .17% and an increase of EGP 11.8 bn.
