HD Bank grows by 25.3% on FirstBank composite growth index during Q1-2024

The financial statements of HD Bank, which ended on March 31 2024, revealed that the bank achieved a composite growth rate of 25.3% during the first quarter of the current year.

This growth rate was measured using a composite index developed by First Bank to assess the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio during Q1- 2024.

HD Bank managed to achieve positive results across all its sub-indicators constituting First Bank composite growth index, led by its net profits, which saw the most significant growth at a rate of 83.10%, reaching EGP 2.43bn during the first quarter of 2024, compared to EGP 1.33 during the same period of 2023 with an increase of approximately EGP 1.10bn.

The bank's loan portfolio contributor to the growth, rising by 6.62% during Q1-2024 to record EGP 48.49bn by the end of March 2024, compared to EGP 45.49 bn by the end of December 2023, an increase of EGP 3.01bn.

In addition, Total assets surged by 6.27% during the first 3 months of the current year, reaching EGP 132.94bn by the end of March 2024, compared to EGP 125.10 bn by the end of December 2023, with an increase of EGP 7.84bn.

Total customer deposits at the bank rose with a growth rate of 5.15% an increase of EGP 5.22bn during the first quarter of the current year, reaching EGP 106.49 bn by the end of March 2024, compared to EGP 101.27bn at the end of December 2023.