Egypt-based Housing and Development Bank Q1 profit hikes 75%

Cairo – Mubasher: Egypt-based Housing and Development Bank (HDB) on Tuesday reported a 75% year-on-year growth in standalone profits for the first quarter of 2018, recording EGP 611 million from EGP 349 million.

Revenues surged to EGP 1.7 billion in Q1-18, from EGP 891 million in the prior-year period, the Egyptian lender said in a filing to the Egyptian Exchange (EGX).

The bank had achieved a net profit of EGP 1.31 billion in the full-year ended December 2017, versus EGP 754.8 million in profits a year earlier, including minority shareholders’ minority.

HDB’s capital amounts to EGP 1.26 billion distributed over 126 million shares at a par value of EGP 10 per share.