Egypt’s Hosing Bank sees a sturdy jump in its financial results in 9M

Housing and Development Bank announced that its net profit rose by 22.2%  generating EGP1.753 billion pounds during the first 9 months of 2022, compared to  EGP1.434 billion a year earlier, according to a statement sent to EGX.

The bank’s profits before taxes increased by 23.7% posting 2.520 billion pounds during the first 9 months of 2022, compared to 2.038 billion during the same period in 2021.

However, HDB’s  interest income increased by 6% during to record EGP 7.068 billion January-September 2022, compared to 5.098 billion pounds during the same period last year.

In addition, the bank’s total deposits jumped by 38.7%  to generate  EGP 87.2 billion at the end of September 2022, compared to EGP 62.9 billion at the end of December 2021.

Furthermore, the customer loans and facilities portfolio recorded a growth rate of 27.3%, to increase from EGP34.3 billion at the end of December 2021 to  26.9 billion pounds by the end of September 2022.

Moreover, HDB’s total shareholders’ equity increased by 5.9%, to reach EGP 9.8 billion at the end of September 2022, compared to EGP 9.2 billion at the end of December 2021.