HD Bank’s net profits grow by 83.1%, recording EGP 2.43 bn during Q1-2024

Unaudited financial statements of HD Bank, ending on March 31 of the current year, revealed an increase in the bank’s net profit with a growth rate of 83.1% during the first quarter of the current year, reaching EGP 2.426 bn during Q1-2024, compared to EGP 1.325 bn during the same period of 2023, achieving an increase of EGP1.101bn.

The bank’s pre-tax income jumped by 80.5%, with an increase of EGP 1.456 bn, reaching EGP 3.264 bn during Q1-2024, compared to EGP 1.808 bn during the same period in 2023.

In terms of earnings per share, the bank recorded a growth rate of 172.7% during the first quarter of this year the bank's share of net profits reaching about EGP 4.09 per share during Q1 2024, compared to EGP 2.22 during the same period of 2023.

At the level of the bank's financial position, the bank's total deposits portfolio jumped from EGP 101.274 bn at the end of 2023 to EGP 106.494 bn at the end of March 2024, with a growth rate of 5.2%, an increase of EGP 5.220 bn.

The bank's reserves jumped by 84.4% during the first quarter of the current year, to record EGP 7.913 bn by the end of March 2024, compared to EGP 4.291 bn by the end of December 2023, with an increase of EGP3.622bn.