Cairo – Mubasher: Housing and Development Bank (HDB) on Tuesday reported a 49.8% year-on-year hike in consolidated profits for the full-year ended 31 December 2018.

The bank logged EGP 1.96 billion in profits last year, compared to EGP 1.31 billion in 2017, according to a statement to the Egyptian Exchange (EGX)

Interest income grew to EGP 6.1 billion in 2018 from EGP 4.6 billion a year earlier, the Cairo-based lender added.

HDB previously posted a 51% year-on-year surge in standalone profits for 2018, recording a net profit of EGP 1.6 billion, versus EGP 1.07 billion in 2017.

In the same vein, the bank’s board proposed a cash dividend distribution of EGP 5 per share for 2018.

It is worth noting that HDB’s consolidated profits for the first nine of 2018 amounted to EGP 1.58 billion, versus EGP 1.02 million in the corresponding period of 2017.