Cairo – Mubasher: Housing and Development Bank’s (HDB) consolidated financial statements for the first quarter of 2019 showed a 4.7% year-on-year profit decline.

HDB’s net profit went down to EGP 603.01 million ($35.94 million) in Q1-19 versus EGP 632.52 million ($37.69 million) in the year-ago period, according to a bourse statement released on Thursday.

The bank’s net income dropped to EGP 731.1 million in the three-month period ended 31 March, against EGP 972.9 million in Q1-18.

HDB reported a slight drop in its non-consolidated profits during the first quarter of 2019, recording EGP 612.15 million.

In March, the Egypt-listed bank reported a 49.8% year-on-year hike in consolidated profits for the full-year ended 31 December 2018.