Cairo – Mubasher: Housing and Development Bank (HDB) proposed a cash dividend distribution of EGP 2.5 per share for 2017 profits.

Total dividends for shareholders amount to EGP 316.26 million, versus dividends worth EGP 253 million for 2016, the bank highlighted in a filing to the Egyptian Exchange (EGX) on Thursday.

Meanwhile, the proposed dividends for employees stood at EGP 112.5 million in 2017, compared to EGP 90 million a year earlier, the bank added.

The state-run bank's retained profits reached EGP 58.91 million in 2017, versus EGP 24.5 million the year before.

The unaudited financial indicators of HDB showed a 67.7% year-on-year surge in standalone profits for 2017, with a net profit of EGP 1.08 billion, against EGP 644 million in profits at the end of 2016.