Cairo – Mubasher: The unaudited standalone financial results of Housing and Development Bank (HDB) showed a 20% year-on-year profit growth during 2019.

Net profits amounted to EGP 1.951 billion in the 12-month period ended 31 December 2019, compared to EGP 1.626 billion a year earlier, the lender said in a statement to the Egyptian Exchange (EGX) on Thursday.

The deposit portfolio surged by 21% to EGP 41.285 billion last year from EGP 34.122 billion in the prior year, while the loan portfolio hiked by 25.8% to EGP 19.73 billion from EGP 15.688 billion in 2018.

In addition, the bank’s board recommended a cash dividend distribution of EGP 2.5 per share at a total value of EGP 316.25 million.

It is noteworthy that during the first nine months of 2019, the lender’s net profits increased to EGP 1.71 billion from EGP 1.58 billion in the year-ago period.