Cairo – Mubasher: Housing and Development Bank (HDB) reported net profits of EGP 1.06 billion in the first half (H1) of 2020, down by 5.4% year-on-year (YoY) from EGP 1.12 billion, the unaudited consolidated financial results showed.

The bank’s margin interest retreated to EGP 1.29 billion in the January-June period from EGP 1.4 billion in the year-ago period, according to a bourse disclosure on Thursday.

In addition, HDB’s interest income fell to EGP 2.88 billion in H1-20, compared to EGP 3.25 billion in H1-19.

Earlier, the bank’s standalone financial results showed a 6.7% decrease in its net profits to EGP 1 billion in the first six months of the year from EGP 1.072 billion in the prior-year period.

During the first quarter (Q1) of 2020, HDB logged net profits of EGP 605 million, slightly up from EGP 603 million in Q1-19.