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HDB profit hikes 66% in H1

HDB profit hikes 66% in H1
Revenues surged by 79.7% to EGP 3.1 billion at the end of June
Housing & Development Bank
HDBK
-0.96% 47.69 -0.46

Cairo – Mubasher: Egypt-based Housing and Development Bank (HDB) on Monday reported a 65.8% year-on-year growth in standalone profits for the first half of 2018, recording EGP 992.57 million from EGP 599.3 million.

Revenues surged by 79.7% to EGP 3.1 billion at the end of June, from EGP 1.7 billion in the prior-year period, the lender said in a filing to the Egyptian Exchange (EGX).

The Egyptian bank’s total deposits fell by 23.7%, registering EGP 31.1 billion in H1-18, versus EGP 40.8 billion in the same period a year earlier.

Meanwhile, total loans at the lender rose by 8.2% in the six-month period ended June, recording EGP 14.5 billion from EGP 13.4 billion in H1-17.

HDB previously posted a 75% year-on-year surge in standalone profits for Q1-18, recording EGP 611 million from EGP 349 million