Cairo – Mubasher: Housing and Development Bank (HDB) on Tuesday reported a 51% year-on-year surge in standalone profits for 2018.

Net profit amounted to EGP 1.6 billion last year, compared to EGP 1.07 billion in 2017, HDB said in a filing to the Egyptian Exchange (EGX)

Interest income jumped to EGP 6.1 billion in 2018 from EGP 4.6 billion a year earlier, the lender added.

In November, HDB posted a 56.8% year-on-year increase in standalone profits for the first nine of 2018, recording EGP 1.39 billion from EGP 888 million.

Revenues grew to EGP 4.6 billion at the end of September, versus EGP 2.9 billion in the corresponding nine-month period of 2017.