By: Islam Fadl

Cairo – Mubasher: Housing and Development Bank (HDB) has offered mortgage funding worth EGP 4.8 billion to low-income people under the Central Bank of Egypt’s (CBE) initiative, the lender’s vice chairman Hassan Ghanem said.

The bank’s total mortgage funding portfolio has exceeded EG P 6 billion, Ghanem told reporters on Sunday on the sidelines of signing an 18-month contract with Orascom Construction Plc for the establishment of an administrative building and a branch in the New Administrative Capital at a cost of EGP 636 million.  

Expansion plans

The bank also aims to increase the number of its branches to 100 by the end of 2019 from 80, HDB’s chairman Fathy El-Sebaie said.

HDB’s expansion plans are supported by its strong capital base which stands at about EGP 5 billion, El-Sebaie added.

In addition, the number of the bank’s customers rose to 2 million, he noted.

El-Sebaie also revealed that the bank will be among the first ones to join the mortgage funding initiative for middle-income households once being approved.   

It is noteworthy that during the first half of 2019, the bank’s consolidated profit increased to EGP 1.12 billion from EGP 1.07 billion ($64.65 million) in the year-ago period.