Housing and Development Bank records 96% growth in retail loans in 2020

Increase in the volume of transactions through internet banking, mobile banking services, and the electronic wallet in the bank during 2020 has reached nearly 80%

  
Egypt's pound notes are pictured in stacks of 100 as employees count money at an exchange office in downtown Cairo June 5, 2014.

Egypt's pound notes are pictured in stacks of 100 as employees count money at an exchange office in downtown Cairo June 5, 2014.

REUTERS/Amr Abdallah Dalsh

The Housing and Development Bank (HDB) has reported a growth rate of 96% in its retail loans segment at the end of 2020, while the rate of increase in car loans jumped by 380%.

The phenomenal rise meant the bank achieved a strong and remarkable presence in this field, while the rate of increase in customer deposits reached nearly 20%. This came in addition to an increase in the rate of issuance and use of credit cards to nearly 90%.

The increase in the volume of transactions through internet banking, mobile banking services, and the electronic wallet in the bank during 2020 has reached nearly 80%.

Last week, HDB Chairperson and Managing Director Hassan Ghanem honoured the Retail Banking and Branches Department for their outstanding performance that led to high growth rates during 2020.

According to Ghanem, these achievements are the result of developing an ambitious strategy, through which the bank seeks to be at the forefront of commercial banks working in Egypt.

It seeks to develop its banking services and products, whilst also expanding digital transformation and enhancing financial inclusion. This comes in line with the Central Bank of Egypt’s (CBE) strategy to spread a culture of cashless payments across the country.

He added that the bank was keen on expanding its retail banking products, and offering new competitive products that meet the needs of the Egyptian market. This would take place along with the continuous development in banking and electronic services.

Ghanem praised the outstanding performance of the bank’s employees, and the efforts made despite the exceptional circumstances and economic challenges imposed by the novel coronavirus (COVID-19) crisis.

He pointed out that the HDB believes in the importance of developing and motivating human resources. It comes as part of the bank’s keenness on providing a work environment that develops employees’ skills, enhances their affiliation, and motivates them.

Ghanem stressed that the bank possesses highly qualified professionals, who are the main pillar of success and growth rates.

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