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HDB’s consolidated profit rises 13% in 2019

HDB’s consolidated profit rises 13% in 2019
The lender’s net profits went up to EGP 2.22 billion
Housing & Development Bank
HDBK
-0.44% 47.94 -0.21

Cairo – Mubasher: Housing and Development Bank (HDB) reported a 13% year-on-year profit growth during 2019, the bank’s consolidated financial statement showed.

The lender’s net profits went up to EGP 2.22 billion last year from EGP 1.96 billion in 2018, according to a statement to the Egyptian Exchange (EGX) on Thursday.

Lending income and other interest income hiked to EGP 6.62 billion in 2019, compared to EGP 6.15 billion in the previous year.

It is noteworthy that the bank’s unaudited standalone financial results for 2019 showed net profits of EGP 1.951 billion, compared to EGP 1.626 billion in 2018.