Egypt FRA approves Housing and Development Bank's capital raise

The capital raise will be funded from the distributable profits shown in the financial statements for the period ended 31 December 2020

  
Cairo – The Egyptian Financial Regulatory Authority (FRA) approved the disclosure form submitted by Housing and Development Bank (HDB) to proceed with the capital increase process.

The bank’s board of directors previously approved a decision to increase the issued capital by EGP 126.5 million to EGP 1.77 billion from EGP 1.64 billion, the FRA said in a statement to the Egyptian Exchange (EGX) on Thursday.

The capital raise will be funded from the distributable profits shown in the financial statements for the period ended 31 December 2020.

During 2020, the lender achieved net profits of EGP 2.06 billion, down from EGP 2.22 billion a year earlier.

Source: Mubasher

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