HDB reports 7% lower profit in 2020 initial results

The bank’s interest income retreated

Cairo – Mubasher: Housing and Development Bank (HDB) achieved consolidated net profits of EGP 2.06 billion in 2020, down by 7.37% year-on-year (YoY) from EGP 2.22 billion, the unaudited financial results showed.

The bank’s interest income retreated to EGP 6.04 billion last year, compared to EGP 6.62 billion in 2019, according to a bourse disclosure on Thursday.

The standalone net profits declined to EGP 1.8 billion in 2020 from EGP 1.95 billion a year earlier.

The board of directors approved the planned budget for 2021, targeting EGP 2 billion in net profit in the current year, an increase of 11.1% from estimated net profits in 2020.

The bank also aims to generate 9.8% higher revenue to EGP 4.37 billion in 2021.

The asset balance growth is seen at 19.4%, while the customer deposit and loan portfolios are expected to increase by 16% and 26%, respectively.

During the first nine months of 2020, Housing and Development Bank reported net profits of EGP 1.65 billion, up from EGP 1.71 billion in the corresponding period in 2019.

Source: Mubasher

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