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Housing and Development Bank's standalone profit inches up in Q1-21

Housing and Development Bank's standalone profit inches up in Q1-21
The interest income grew to EGP 1.62 billion in the January-March period
Housing & Development Bank
HDBK
-0.44% 47.94 -0.21

Cairo – Mubasher: Housing and Development Bank (HDB) reported standalone net profits of EGP 620 million in the first quarter (Q1) of 2021, slightly up from EGP 614.5 million in the year-ago period, the unaudited financial results showed.

The bank’s interest income grew to EGP 1.62 billion in the January-March period, compared to EGP 1.49 billion in the corresponding period a year earlier, according to a bourse disclosure on Thursday.

The lender reported strong operational performance due to the improved economic conditions despite the negative impact of the reduced interest rates which was offset by lowering costs and expenses.

During 2020, the lender posted net profits of EGP 2.06 billion, down from EGP 2.22 billion a year earlier.