HD Bank's loans for industrial corporates jump by 28% during Q1-2024

Housing and Development Bank significantly boosted its loans for industrial corporates during the first quarter of this year, rising to EGP 4.7 bn by the end of March 2024, compared to EGP 3.7 bn by the end of 2023, with a growth of 28% and an increase of over EGP 1 bn.

The increases recorded by the Bank are due to a rise in direct loans for industrial corporates from EGP 2.1 bn by the end of 2023, to EGP 2.4 bn by the end of March 2024, with a growth rate of 14.6% and an increase of EGP 303.7 mn.

Direct loans for this activity dominated the largest share of the Bank's total loans for industrial activity, with a share of about 50.56% by the end of March 2024.

It also expanded the granting of syndicated loans to industrial corporates, reflected in its rise from EGP 255.1 mn  by the end of last year, to EGP 936.9 mn by the end of March 2024, with a growth of 267.3% and an increase of EGP 681.8 mn.

Despite the strong growth in syndicated loans to the Bank's industrial corporates, it accounted for the lowest share of its total loans for this activity, reaching 19.84% by the end of March 2024.

In addition, debit current account balances of industrial corporates rose to 1.4 billion pounds by the end of the first quarter of this year, compared to EGP 1.3 bn by the end of 2023, with a growth of 3.58% on a quarterly basis.

Debit Current account balances of this activity accounted for 29.60% of its total loans to industrial corporates by the end of March 2024.

The industrial sector received a share of 20.79% of the Bank's total corporate loans by the end of the first quarter of this year, while it accounted for about 9.74% of the Bank's total customer loans by the end of March 2024.

It should be noted that the  Bank's loans for the corporate sector rose by about 10.42% in the first quarter of this year, reaching EGP 22.7 bn by the end of March 2024, compared to EGP 20.6 bn by the end of 2023.

Total customer loans rose to EGP 48.5 bn by the end of March 2024, compared to EGP 45.5 bn by the end of 2023, with a growth of 6.62%, and an increase above EGP 3 bn.