Cairo – Mubasher: The unaudited standalone financial results of Housing and Development Bank (HDB) reported a slight increase year-on-year (YoY) in its net during the first quarter of 2020.

The lender’s net profits amounted to EGP 615 million in the first three months of 2020, compared to EGP 612 million in the year-ago period, according to a bourse statement on Wednesday.

On the other hand, the bank’s interest income fell by 2.4% YoY to EGP 1.49 billion in Q1-20 from EGP 1.53 billion in Q1-19.

Lowering lending rates by the Central Bank of Egypt (CBE) by 3% have weighed on the bank’s interest income, the statement showed.

It is noteworthy to mention that HDB’s consolidated financial statements for 2019 showed a 13% net profit growth to EGP 2.22 billion from EGP 1.96 billion in 2018.

Source: Mubasher

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