Egypt’s Housing Bank retail loans jumps by 23.3% in 9M, mortgage loans acquires 50%

The separate financial statements of the Housing and Development Bank (HD Bank) showed an increase of 23.2% in the bank’s total retail loans with an increase of EGP3.8 billion during the first nine months (9M) of 2022.

The bank's total retail loans increased to EGP 20.3 billion at the end of September 2022, compared to EGP 16.4 billion at the end of December 2021, thus accounting for 59.11% of total loans and facilities to customers.

Furthermore, retail loans increase led to a leap in the bank’s mortgage loan portfolio grew by 20.97%, generating EGP 10.3 billion at the end of September 2022, compared to EGP 8.5 billion at the end of December 2021.

Thus, mortgage loan portfolio accounted for 50.94% of the bank’s total retail loans.

In addition, the bank’s personal loans jumped by 27% recording EGP 8.6 billion pounds by the end of September 2022, compared to 6.8 billion by the end of 2021 that acquired get 42.60% of total retail loans.

Furthermore, HDB’s credit card portfolio increased by 32.43%, to record EGP 90.5m at the end of September 2022, compared to EGP 68.4m at the end of December 2021, while debit current accounts jumped by 37.20%.

Moreover, total customer loans increased by 27.27% that posted 34.3 billion pounds at the end of last September, compared to 26.9 billion at the end of 2021, an increase of 7.3 billion pounds.

On the other hand, the bank’s standalone net profits recorded an increase of 22.2 % during the first nine months (9M) of 2022.

The lender logged EGP 1.75 billion in its standalone net profits during 9M-22, compared to EGP 1.43 billion in 9M-21, and earnings per share (EPS) of EGP 10.29, compared to EGP 8.43, according to a recent bourse statement.

Net interest income rose to EGP 3.40 billion during the January-September 2022 period, compared with EGP 2.45 billion in the year-ago period.

However, the bank's total assets increased by 34.16% during 9M-22, to jump from EGP 76.3 billion at the end of December 2022, to 102.3 billion at the end of September 2022 with an increase of EGP 26.1 billion.